Insurer offers up to 45% off plant premiums

In a bid to combat the growing issue of constructional plant theft, Allianz Engineering is offering significant premium discounts, of up to 45 per cent, and generous theft excess reductions to clients who show a proactive approach to plant protection.

At least 10 items of plant are stolen every day, costing the insurance industry in the region of £1million each week. Theft and malicious damage losses account for 63% of all plant claims. As a result, Allianz Engineering is incentivising companies to take appropriate security measures by agreeing formal discounts, based on a new Thatcham five-star security rating scheme.

The Thatcham scheme brings together a number of plant security measures to provide comprehensive security which makes plant more resistant to theft. These include: Construction Equipment Security and Registration (CESAR), unique key operation, immobilisation, site perimeter security and tracking devices.

Allianz Engineering clients, who meet the qualification criteria, can benefit from a discount of up to 45% on their insurance premiums if their plant, when purchased new, has a Thatcham five-star rating or they have voluntarily upgraded their existing plant to include CESAR protection and other approved security devices. In addition, the standard theft excess can be reduced by 50% or, in certain circumstances, a nil excess can apply.

Brian Fearnhead, construction underwriting manager, Allianz Engineering said: "We have a long-term commitment to helping reduce the number of plant thefts that take place in the UK. The cost of theft to a business can be much greater than the bill for replacing stolen machinery safety fines, down-time and increased insurance premiums are all negative impacts.

"The introduction of measurable security standards by Thatcham allows insurers to provide a financial incentive to plant owners who assume a proactive approach to plant protection and help reduce the threat of thefts. Brokers can play a crucial role in detailing the risk of plant theft to clients and advising on appropriate security measures which now provide significant financial reward."

To help brokers inform their clients, Allianz Engineering has produced a plant theft risk guide which can be downloaded from allianzebroker.com.