Chubb, Freightwatch Enter Partnership to Counter Cargo Theft
Alliance to enable deductibles and real-time tracking and monitoring for Chubb customers.
Virtual Water Cooler, June 13, 2012
With cargo theft at record-highs, and having increased 8.3 percent last year, The Chubb Group of Insurance Companies and FreightWatch International are teaming up to offer discounted real-time cargo tracking and monitoring.
FreightWatch now offers Chubb transportation insurance customers a 10-percent discount on real-time shipment tracking services, and Chubb will waive some cargo insurance deductibles of up to $10,000 when monitored merchandise is stolen and not recovered within 30 days of notifying law enforcement.
"Our alliance with FreightWatch will enable us to offer Chubb customers another valuable theft-prevention service to fight this serious problem, which adds about 20 percent to the cost of consumer goods," said Pat Stoik, SVP and global marine manager for Chubb Commercial Insurance.
FreightWatch offers tracking and monitoring solutions for cargo security, as well as supply chain integrity and transparency, from origin to destination, to mitigate the risks associated with theft, spoilage, counterfeiting and more.
"By joining forces with our organization, Chubb and its customers are helping us forge a powerful deterrent to a growing global threat to commerce," said Barry Conlon, FreightWatch CEO.
Chubb offers incentives for customers to use a variety of cargo theft prevention solutions, waiving some deductibles for cargo stolen from tractor trailers equipped with SteelSafe vehicle immobilization systems. Chubb also is a member of CargoNet, which helps prevent theft and increase the likelihood of recovery through information sharing among theft victims, business partners and law enforcement. Chubb customers also can obtain theft reporting and equipment identification services from National Equipment Register.
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