The Chubb Group of Insurance Cos. has partnered with FreightWatch International to combat what they are calling record-high levels of cargo theft.
Chubb transportation insurance customers are in line for a 10 percent discount of real-time shipment tracking services from FreightWatch, the companies say in a press release.
FreightWatch reported an 8.3 percent increase in the number of cargo thefts in 2011. Pat Stoik, senior vice president and global marine manager for Chubb Commercial Insurance, says theft adds about 20 percent to the cost of consumer goods.
If goods are stolen from a Chubb customer while the merchandise is being monitored by FreightWatch—and are not recovered within 30 days of law enforcement notification—Chubb will waive up to $10,000 in cargo insurance deductibles.
FreightWatch tracks and monitors cargo and signals authorities when thefts happen.
“Chubb and its customers are helping us forge a powerful deterrent to a growing global threat to commerce,” says Barry Conlon, chief executive officer of FreightWatch.
Chubb says it also waives certain deductibles when cargo is stolen from tractor trailers equipped with SteelSafe vehicle immobilization systems.
Chubb is also a member of CargoNet—a service that allows cargo theft victims, law enforcement and business partners to share information in an effort to prevent theft and improve recovery rates.