Safeguarding contractors' equipment
Small tools and equipment are often stolen from construction sites, impacting both the cost and progression of projects. The theft of small tools and equipment from construction sites is an ongoing concern for project stakeholders, including contractors, customers, hire companies and the police.
Thievery of these types of items is on the increase, potentially impacting the smooth running of projects with increased costs, project delays and damage often ensuing.
Our brief guide to loss prevention aims to provide a best practice guide for preventing the theft of small tools and equipment (ST&E) from construction project sites and vehicles.
Our guide defines the key practical arrangements that should be in place to mitigate the risk of theft, supported by industry theft prevention and recovery best practices.
It also outlines the minimum requirements that may be expected by insurers (please check your insurance policy for details). The risk of theft can be mitigated by adhering to the following control measures.
These have been laid out under specific headings and include checklists to aid with compliance and monitoring. Recovery measures are also included to assist with the tracking down and recovery of stolen items.
HSB’s specialist underwriting in the UK and Ireland covers a broad range of risks including construction, cyber, computer, equipment breakdown and energy efficiency.
Built on a foundation of specialist insurance, engineering and technology, HSB is a global provider with over 150 years of technical risk knowledge and experience that sets the standard for excellence worldwide. Part of Munich Re, HSB is rated A++ (Superior) by A.M. Best Company.
Further information can be found at: www.hsbeil.com
*The guidance in this document refers to industry best practice loss control advice. Adoption of the advice contained within this document does not imply compliance with industry, statutory or HSB guidelines, nor does it guarantee that losses will not occur.
For more information, please contact us.