Chubb And LoJack Team Up
NU Online News Service, Aug. 27, 11:59 a.m. EDT?Chubb Group of Insurance Companies said it would offer a policy incentive to construction firm customers that install LoJack locator beacons in their earth moving equipment.
Chubb said that in most cases if a piece of equipment with LoJack installed is stolen and not recovered, the company will waive up to $10,000 of the insurance deductible amount.
The insurer said its marketing arrangement provides customers with contractors' equipment commercial inland marine insurance with a free extended warranty and other benefits on LoJack's Stolen Vehicle Recovery System.
Chubb said its customers will be able to purchase LoJack's system for construction equipment at a special rate and will also received a seven-year warranty including parts and labor and free replacement if protected equipment is stolen and not recovered in the warranty period.
According to the company, "ruggedized" LoJack units placed in construction equipment have helped police recover the stolen equipment after a report was made?in less than 24 hours 87 percent of the time. Ninety-five percent of the time, the stolen item was recovered undamaged, Chubb said.
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