Approximately 40 percent of all construction and agricultural equipment theft occurs in just five states, according to a report released by the National Equipment Register (NER), a database company established to reduce heavy-equipment theft rates and increase recoveries of stolen equipment.
Based on more than 5,000 theft reports submitted to NER in 2005, Texas leads all other states in the number of heavy-equipment thefts, followed by California, Florida, Missouri and South Carolina.
NER’s study also found that most equipment is stolen from non-owner premises or work-site locations, which are likely to have lower security than owner premises.
In 2005, more than 70 percent of stolen equipment was taken from work sites. Less than 30 percent was stolen from insureds’ premises, which are typically more secure, fenced storage facilities.
NER based this third annual report of construction and agricultural equipment theft in the United States on its database of more than 77,000 theft reports and ISO data.
The NER study also found:
• five types of equipment account for 78 percent of all losses;
• theft is by far the most frequent risk to construction and agricultural equipment, compared to other risks, such as fire, collision, vandalism and water damage;
• equipment age determines the likelihood of theft (In contrast to auto theft, newer makes and models, from 2000 to 2004, represent more than 70 percent of thefts reported to NER in 2005.) and
• the top four brands of equipment reported stolen to NER in 2005 were Caterpillar, Bobcat, John Deere and Kubota.
The report also noted a rise in theft reports from states victimized in 2005 by hurricanes, especially Katrina.
Since the end of August, there has been a 22 percent increase in thefts from the Gulf region.
In the weeks following each hurricane, the thefts occurred primarily in neighboring states. As more equipment moved into the storm-damaged areas, thefts increased there, as well.
The equipment stolen in those regions reflects typical theft patterns: more than 60 percent of the thefts reported were for skid steer loaders, backhoes and small to medium-sized tractors.
For more information, visit www.nerusa.com.