Plant managers can cut their insurance premiums by up to 45% by using an anti-theft system from Thiefbeaters, said Norwich Union.
Pilot trials of the system showed that thefts of high-risk plant equipment decreased dramatically when the system was in use, said NU. As a result, the insurer has launched premium discounts in engineering insurance where the system is in use.
Designed to manage the risk of plant theft, Thiefbeaters provides plant equipment with an irremovable identification system combining immobilisation, physical locking and tracking devices, NU said. Visible warning stickers act as a powerful deterrent to would-be thieves.
Norwich Union engineering underwriter Cliff Drury, said: “Premium discounts for anti-theft products have been available in the contractors plant insurance market for some time but these have generally stayed around the 10% mark.
He added: “Over the past five years, only a tiny fraction (0.02%) of Thiefbeaters customers have reported a theft.
“As a result, we now feel confident enough to offer our customers up to 45% discount in return for taking a more proactive approach to beating theft. We’ve also reduced the theft excess to nil.
“The discount we are offering generally pays for at least half the cost of setting up the Thiefbeaters risk management programme in the first year, although the benefits, of course, last much longer.
