Insurer offers 15% discount on commercial auto safety device

A leading US insurer is offering a discount on a tech solution that provides access to a trucks’ location, speed and travel direction.

Insurance News


Commercial auto policyholders with Chubb Group are now eligible for a 15% discount on a technology solution that will update key vehicle metrics in real-time and even assist in emergency situations.

MAGTEC systems are able to monitor a truck’s location, speed and travel direction, as well as remotely and safely disable the vehicle when drivers press a panic button. The equipment was developed during Operation Desert Storm in Iraq to prevent the theft of Jeeps, and Chubb executives believe installing the system on commercial fleets will help combat the rising cost of cargo theft.

“The cost of the average cargo theft has risen by36% as thieves increasingly target more expensive goods,” said Pat Stoik, global marine manager for Chubb. “Shippers of electronic and other high-valued items especially need to put a greater roadblock in the way of these daring thieves.”

The threat is certainly real. According to recently released figures from CargoNet, more than $18 million of cargo was stolen in the US during the fourth quarter of lst year. Cargo recovery services recorded 181 thefts during that three-month period, with the vast majority of thefts occurring Friday through Sunday.

Food and beverage items were the most frequently stolen items, accounting for 24% of cargo thefts. However, electronic items accounted for the most expensive losses; each theft averaged about $417,250.

Televisions were the most targeted electronic item.

Chubb also offers discounts through several other truck and cargo security systems manufacturers, particularly to motor truck cargo legal liability policyholders. Manucaturers include CargoNet, LoJack, FreightWatch and SteelSafe.

Customers can receive an insurance premium reduction, a waiver of the insurance deductible or a manufacturer discount.

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