According to Business Insurance, the average loss in cargo thefts has increased in the United States. 2014’s first quarter compared to a year ago indicates the average loss due to theft per incident increased 38.2%. Food and drinks were the product type most often stolen, followed by home and garden products. California was the state with the highest rate of theft, followed by Florida, Georgia and Texas.
Freight Watch International reports that in the United States, there was a sustained rate of 2.59 cargo theft incidents per day. 80.97% of these were full-truckload or container thefts. Within these incidents, deceptive pickups as a means of cargo theft increased 763%. As Freight Watch reported, this trend shows confrontational stealing is being replaced by making appointments and using fake identities to steal cargo. The use of technology is contributing to this type of cargo theft.
Another interesting statistic is that cargo theft, more often than not, takes place over the course of the weekend when cargo is stationary and unattended. Freight Watch reports that in 2012, 71% of facility thefts occurred on a weekend with most of these in an unattended lot such as a truck stop, public parking area or carrier lot. However, the rate of theft also rose slightly where lots are secure.
These statistics tell us that it is more important than ever to have and understand cargo insurance. Cargo insurance will cover what you are hauling if you have the right policy. Look for “Named Peril” or “Special Cause of Loss.” Read and know the policy to be certain it covers theft and that theft is not listed in an exclusion or endorsement.