Contractors should build loss prevention plans

Contractors lose more than a billion dollars in equipment to theft and vandalism each year. The loss of construction materials is probably even greater. To develop an effective asset protection plan, contractors must know what they own and what is in their control, where it is located, its value, an...

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Bibliographic Details
Published inBest's review (Property/casualty insurance ed.) Vol. 97; no. 3; p. 84
Main Author Gosnell, Robert S
Format Magazine Article
LanguageEnglish
Published Oldwick A.M. Best Company 01.07.1996
EditionProperty/casualty insurance edition
Subjects
Construction industry
Contractors
Employees
Insurance claims
Loss control
Transportation services
United States > US
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Summary:Contractors lose more than a billion dollars in equipment to theft and vandalism each year. The loss of construction materials is probably even greater. To develop an effective asset protection plan, contractors must know what they own and what is in their control, where it is located, its value, and how to quickly become aware when it is damaged or missing. Maintaining an up-to-date "equipment dossier" that includes photographs, operation time log, repair and maintenance records and copies of original purchase invoices or lease agreements for each major piece of equipment is a key item when making an insurance claim.
Bibliography:content type line 24
ObjectType-Article-1
SourceType-Magazines-1
ISSN:0161-7745