#cargo theft#road freight

Chubb recommends a technology roadblock as cargo thefts rise

Follow @SamJermy and @SupplyChainD on Twitter. In response to the continuing increase in cost of the average cargo theft, the Chubb Group of Insurance ...

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|Jun 8|magazine6 min read

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In response to the continuing increase in cost of the average cargo theft, the Chubb Group of Insurance Companies is offering its customers a discount on another technology solution.

Chubb customers now can receive a discount of 15 percent on MAGTEC systems that monitor a truck’s location, speed and travel direction in real-time, and if necessary, can remotely and safely disable the vehicle. Drivers may also press a panic button to transmit a distress alert.

Pat Stoik, Global Marine Manager for Chubb, citing numbers recently published by FreightWatch International, said: "The cost of the average cargo theft has risen by 36 percent as thieves increasingly target more expensive goods. Shippers of electronics and other high-valued items especially need to put a greater roadblock in the way of these daring thieves."

Several other truck and cargo security systems manufacturers also offer discounts to Chubb’s motor truck cargo legal liability customers. Chubb customers may receive an insurance premium reduction, a waiver of their insurance deductible or a manufacturer discount when they purchase cargo security services or systems from companies such as CargoNet, LoJack, FreightWatch or SteelSafe.

MAGTEC started by stopping the theft of jeeps during Operation Desert Storm in Iraq. Today, it specializes in developing and manufacturing commercial vehicle control systems specifically designed for the light duty, transit, trucking and heavy equipment industries. MAGTEC is headquartered in Calgary, Alberta.

Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe. These products are offered through a worldwide network of independent agents and brokers. The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high-net-worth individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.

The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation. The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe, Latin America, Asia and Australia. For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.