Claims for stolen heavy equipment are expensive, and the odds of recovery are, to say the least, uncertain. In many cases, your clients could change those odds significantly. A combination of theft prevention measures and recovery tools could take a big bite out of the billion dollars of heavy equipment theft occurring every year.
The National Equipment Register, a division of Verisk Crime Analytics, is the leading source of heavy equipment history and theft records in the United States. With more than 20 million records — including secondary product identification numbers (PINs) and vehicle photos — the tool fundamentally changes the likelihood of recovering stolen equipment and mitigating claim payments.
So, why should you encourage your clients to register with NER?
1. Claim savings: With $1 billion in equipment theft annually — not to mention equipment shortages in some sectors (for example, agriculture) — you’re almost guaranteed to encounter heavy equipment theft claims. With NER’s database, recovery operations improve, and equipment comes back faster. As a result, your insured losses decline.
2. Investigative support: NER works directly with investigators every day to identify, track, and recover stolen heavy equipment. We have relationships in place to ensure that investigators understand the help we can provide — and that they use it. NER’s commitment to law enforcement is substantial, and we invest continually in training and education to make sure our products remain useful to them.
3. Available data: In addition to NER’s 20 million records, the database includes an insurance claims history for each machine listed – with damage, theft, and other claims recorded and accessible.
4. Industry reach and expertise: Our analysts have a combined 75 years’ experience in the construction and agriculture equipment sectors — and a demonstrated track record. Also, we maintain strategic alliances with the leading industry associations in the country, including the National Insurance Crime Bureau (full list here). And as a division of Verisk Crime Analytics and sister organization to ISO Claims Solutions (the home of ISO ClaimSearch®), we share the broader company’s commitment to innovation and analytics.
5. Your competitors do it: Twenty insurers already encourage their clients to use NER technology, and many offer deductible waivers for those that use HELPtech® ($10,000 is the most common). We also offer price incentives for you to pass to your clients.
By registering with HELPtech, equipment owners make a small investment that can later significantly increase the chances (and speed) of recovery, reduce vehicle downtime, and prevent delay penalties. And that translates directly to lower claim payments for your company. Encourage your clients to register with NER, and you’ll all benefit.