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To view the presentations and full conference transcript visit www.Infrastructure2009.com.
Study reveals construction equipment theft holds steady
LoJack Corp. said that the level of equipment theft held steady in 2008 in its eighth annual Construction Equipment Theft Study.
“in todays down economy, construction equipment owners need to take extra precautions to protect their valuable equipment from opportunistic professional thieves who see this as a high reward, low risk form of theft,” said Ronald Waters, LoJack’s president and CEO. “Unfortunately, the real cost of stolen equipment is far more than the value of the item stolen, since business owners typically pay the hefty price tag of business downtime, increases in insurance premiums and contract penalties. Stolen vehicle recovery systems — such as the one offered by LoJack — provide business owners with the protection they need to safeguard their equipment and their business from financial losses due to theft.”
Poor on-site security, easy access to open cabs, one key fits all and lack of product identification numbers/records are all issues that make construction equipment easy targets for professional thieves.
In 2008, LoJack recovered more than $15.5 million in stolen construction equipment. Since entering the construction market in 2000, the company has recovered more than $100 million in LoJack-equipped stolen construction assets, plus the value of other stolen non-LoJack equipped construction equipment police recovered in shop shops and theft rings.
This year’s study once again showed the ongoing role organized crime plays in the problem of construction equipment theft, with law enforcement discovering nine theft rings and chop shops through tracking and recovering stolen equipment with the LoJack System. Through these discoveries, police recovered more than $2 million in additional stolen assets that were not LoJack-equipped.
Overall, LoJack has enabled law enforcement to discover more than 70 theft rings and chop shops since entering the construction market.
The study also revealed that newer equipment on the job site is the most common theft target because of higher resale value. The types of equipment most frequently stolen are (in order):