get in the know: protect your equipment from theft

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Get In the Know: Protect Your Equipment from Theft. Presented by. Agenda. Equipment Theft: A Large and Growing Problem Facts You Should Know: The Who, What, When, Where & Why of Theft Protecting Your Equipment From Theft: A Practical, Step-by-Step Approach Questions & Answers. - PowerPoint PPT Presentation

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Page 1: Get In the Know:  Protect Your Equipment from Theft

Get In the Know: Protect Your Equipment from Theft Presented by

Page 2: Get In the Know:  Protect Your Equipment from Theft

Agenda

Equipment Theft: A Large and Growing Problem

Facts You Should Know: The Who, What, When, Where & Why of Theft

Protecting Your Equipment From Theft: A Practical, Step-by-Step Approach

Questions & Answers

Page 3: Get In the Know:  Protect Your Equipment from Theft

Equipment Theft: Large and Growing Problem

Page 4: Get In the Know:  Protect Your Equipment from Theft

Equipment Theft: The Problem

Annual cost of theft as high as $1 billion

72% have experienced theft

76% never saw their equipment again

65% of equipment recovered was damaged

No28%

Yes72%

Has your company experienced

equipment theft in the last 5 years?

Source - NICBSource – LoJack 2005 Theft Study

Page 5: Get In the Know:  Protect Your Equipment from Theft

The Price of Equipment Theft

Direct Costs

Initial investment

Deductibles

Project delays

Equipment replacement

Page 6: Get In the Know:  Protect Your Equipment from Theft

The Price of Equipment Theft

Hidden Costs

Beyond the loss of equipment, what other impact has equipment theft had on your firm?

Losses from Uninsured Equipment

Costs for Added Site Security

Job Delays Increased Insurance Premiums

Contract Penalties

37%35%

23%21%

9%

Source – LoJack 2006 Theft Study

Page 7: Get In the Know:  Protect Your Equipment from Theft

Facts You Should Know: The Who, What, When, Where

& Why of Theft

Page 8: Get In the Know:  Protect Your Equipment from Theft

Who’s Behind Theft and Why?

Organized crime rings

– They know just what they want…and how to get it A profitable undertaking…

– Most heavy equipment carries a hefty price tag …With typically low risks

– Lack of site/vehicle security & investigation issues

– Lack of attention from law enforcement

– Lack of familiarity with equipment

Page 9: Get In the Know:  Protect Your Equipment from Theft

What is the Most Common Stolen Equipment?

Thieves target equipment that is:

– In-demand and easy to resell

– Easy to remove from jobsites

– Smaller and more versatile

• Skid steers, mini-excavators, mini-track loaders

– Towables: “easy pickin’s”

• Generators, compressors, welders

Page 10: Get In the Know:  Protect Your Equipment from Theft

Top Stolen Equipment

2007 Top Stolen Equipment Categories

1 Skid Steers

2 Backhoe / Skip Loaders / Wheel Loaders/ Track Loaders

3 Generators/ Air Compressors/ Welders (Towables)

4 Light Utility/ Work Trucks and Trailers

5 Forklifts and Scissor Lifts

6 Dump Trucks

Source – LoJack 2007 Theft Study

Page 11: Get In the Know:  Protect Your Equipment from Theft

Where & When is Equipment Stolen?

Where was your company's equipment stolen from?

73%

33%

2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Jobsite Storage Facility/ Yard

In Transit

Source – LoJack Theft Study

Equipment is typicallystolen from jobsites

Equipment yards / storage facilities are

also targeted

The vast majority ofequipment thievesoperate at night– Weekend thefts are

common– Theft often not discovered

until Monday morning

Page 12: Get In the Know:  Protect Your Equipment from Theft

What Happens to Stolen Equipment?

Taken to a remote location for a “cooling off” period or concealed in a garage/ warehouse

Taken to another job site

Taken to a theft ring operation where PINs are removed and item is readied for resale

Page 13: Get In the Know:  Protect Your Equipment from Theft

Hot States for Theft - 2007

Source – LoJack 2007 Theft Study

Hot Theft State

Page 14: Get In the Know:  Protect Your Equipment from Theft

Why is Equipment Vulnerable to Theft?

Theft detection issues…

– Remote sites, weak inventory control– Relatively easy to change identity of equipment – No unique identifiers – Law enforcement usually more focused on vehicle theft

…And investigation challenges

– Lack of standards for PINs, S/Ns

– Lack of documentation for equipment

Page 15: Get In the Know:  Protect Your Equipment from Theft

Protecting Your Equipment From Theft: A Practical, Step-by-Step Approach

Page 16: Get In the Know:  Protect Your Equipment from Theft

How to Protect Your Equipment and Business From Theft

Good Records are Essential

Label equipment with unique identifying numbers

– Product Identification Numbers (PIN)

– Owner Applied Number (OAN)

– Mark numbers in multiple locations

Keep accurate inventory records

– Record manufacturer, model number, year, PIN and purchase date

–Record serial numbers of each major component part

Page 17: Get In the Know:  Protect Your Equipment from Theft

How to Protect Your Business and Equipment from Theft

Focus on Physical Security

Fence in or park equipment together to deter access Communicate with law enforcement

– Request more frequent patrols Use immobilization devices such as wheel locks, fuel shut-offs or ignition locks Install battery-disconnect switches Install equipment tracking devices for:

– Equipment recovery (LoJack) or – Asset management (GPS solutions)

Register equipment with a national database

Page 18: Get In the Know:  Protect Your Equipment from Theft

What to do if Equipment is Stolen

Contact police immediately to file a stolen equipment report

– Provide the following information:

• Manufacturer

• Model number and color

• Serial or Product Identification Number (PIN)

• Date of purchase

• Identifying marks File an insurance claim within 24 hours of theft

– Provide a copy of the police report or the case number

Spread the word

Page 19: Get In the Know:  Protect Your Equipment from Theft

Commercial Recovery Story Highlights

A LoJack-equipped Takeuchi Mini Excavator was stolen from a rental company in VA and tracked to a ship docked at a SC port.

Officials followed the signal to a shipping container and found the mini excavator and two Bobcat skid steers, a John Deer skid steer, two trailers and a rotary hammer.

The equipment’s journey began at three different rental companies in VA and then moved to Chicago and NY before landing at the ship in SC.

Total value of the recovery was $175,000.

Stolen Mini Excavator Leads to Shipping Container

Page 20: Get In the Know:  Protect Your Equipment from Theft

Commercial Recovery Story Highlights Cont.

By tracking a LoJack-equipped International truck, Chicago-area police discovered a major chop shop involving several stolen trucks and more than 30 pieces of equipment valued at $900,000.

The site was declared a “hazmat” zone because so much diesel fuel and other toxic substances had been dumped on the ground without any precautions.

Police apprehended the criminals behind this organized theft ring.

LoJack System Leads Chicago-Area Police to Bust $900k Construction Theft Ring

Page 21: Get In the Know:  Protect Your Equipment from Theft

Commercial Recovery Story Highlights Cont.

A Caterpillar Asphalt Roller and trailer were stolen from a construction site in Fresno County.

Five hours later the flight crew of the California Highway Patrol picked up the LoJack signal, and tracked the equipment to a residence in Raisin City.

Auto theft investigators not only found the roller and trailer, but also a Bobcat, three John Deere Tractors, a Yamaha ATV, an Airman Compressor and two farm implement trailers – all of which were stolen.

Total value of theft ring bust was $200,000.

Aircraft Tracks Roller to Theft Ring

Page 22: Get In the Know:  Protect Your Equipment from Theft

Resources

National Insurance Crime Bureau (NICB) LoJack Corporation Associated Equipment Distributors (AED) Association of Equipment Management Professionals (AEMP) Inland Marine Underwriters Association (IMUA) Stolen Heavy Construction Equipment Bulletin Association of General Contractors (AGC) California Crime Prevention Council International Association of Auto Theft Investigators (IAATI) Industry Publications

Page 23: Get In the Know:  Protect Your Equipment from Theft

Questions & Answers