Article date: 18 May 2004
Plant managers can cut insurance premiums by up to 45% using asophisticated anti-theft system from Thiefbeaters.
Following pilot trials, which showed that theft of properlyprotected high-risk plant and equipment decreased dramaticallyusing the system, Norwich Union has launched premium discounts onengineering insurance of up to 45%.
Designed to manage the risk of plant theft, Thiefbeatersprovides plant equipment with an irremovable identification systemcombining immobilisation, physical locking and tracking devices.Visible warning stickers act as a powerful deterrent to would-bethieves.
Cliff Drury, engineering underwriter at Norwich Union commented:"Premium discounts for anti-theft products have been available inthe contractors plant insurance market for some time but these havegenerally stayed around the 10% mark.
"Unlike the other deterrent systems on the market, theThiefbeaters approach offers tailored levels of protection for thehuge range of plant and equipment out there and matches the rightanti-theft device with the right machine, making a distinction, forexample, between hire and owner-operated plant. The system isprofessionally installed to make it virtually impossible forthieves to remove any of the identity points; it’s also themost user-friendly option we have found, as you don’t need ascanner to verify the identity of equipment."
"Over the past five years, only a tiny fraction (0.02%) ofThiefbeaters customers have reported a theft. As a result, we nowfeel confident enough to offer our customers up to 45% discount inreturn for taking a more proactive approach to beating theft.We’ve also reduced the theft excess to nil. The discount weare offering generally pays for at least half the cost of settingup the Thiefbeaters risk management programme in the first year,although the benefits, of course, last much longer."
Bernard Humphrey, director at Thiefbeaters added: "The theft ofconstruction plant, equipment and trailers is estimated to cost theindustry at least £650m every year and some estimates put thefigure as high as £1.2bn. Yet preventing the majority of thesethefts is possible. Norwich Union is leading the way in this byrewarding those companies who do effectively protect theirequipment to a level which makes the necessary investmentcommercially viable. We’re confident that this initiativerepresents the turning point in winning the fight againstconstruction plant theft."
Thiefbeaters has undergone rigorous testing by the insuranceindustry’s own test centre at Thatcham and is a Thatcham andSold Secure qualified company.
For further information, please contact Norwich Union on tel.0207 558 0236 or Thiefbeaters on tel. 0870 7940111, or visit thewebsites: www.norwichunion.co.uk orwww.thiefbeaters.co.uk
For further information, please contact: Debbie Wells atStaniforth on 0161 274 0100 or David Ross at Norwich Union on 0870366 68 65/07786 526350.
Notes to editors
Norwich Union Insurance
- Norwich Union is the UK's largest insurer with a market shareof around 14 per cent
- With a focus on insurance for individuals and small businesses,Norwich Union insures:
- one in five households
- one in seven motor vehicles
- more than 800,000 businesses
- Norwich Union products are available through a variety ofdistribution channels including brokers, corporate partners suchas banks and building societies and Norwich UnionDirect.
Norwich Union’s news releases and a selection of imagesare available on the Aviva internet press centre atwww.aviva.com/media.
An ISDN facility is available for studio quality broadcast. Callthe press office on 08703 66 68 68
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