May 25, 2016

Be Alert! Cargo Theft Increases Over Holiday Weekend


While enjoying the outdoors with friends and family, it’s easy to forget the perils of holiday weekends for those in the shipping industry. Thieves target these weekends specifically because over long weekends, shipments can sit unattended in parking lots, docks and in warehouses.

According to FreightWatch International, the most notable Memorial Day weekend thefts from 2013-2015 include:

  • 2013, California, Full Truckload of Apparel, $300,000
  • 2013, Florida, Full Truckload of Medication, $300,000
  • 2014, South Carolina, Full Truckload of Cosmetics, $200,000
  • 2014, Florida, Full Truckload of Televisions & Displays, $800,000
  • 2015, New Jersey, Full Truckload of Perfume, $2,500,000
  • 2015, California, Full Truckload of Notebook Computers, $400,000
  • 2015, Pennsylvania, Full Truckload of Copper, $600,000
  • 2015, New Jersey, Full Truckload of Tobacco Accessories, $600,000

Trends

As you can see from the above statistics, full truckloads are the most popular type of theft, but in Q1-2016, FreightWatch also noted that pilferage accounted for 9% of thefts, followed by fictitious pickup (5%) and facility theft (3%).

Also of note are types of products being targeted most. Food and drinks come up strong as the most common theft (20%). This is followed by home and garden (14%), building and industrial (13%), and automobiles and parts (11%).

These huge losses can impact both your bottom line and your reputation with customers. So what can you do?

Best Practices

Be diligent in protecting your company against these risks this year. Put security measures in place, follow proper warehouse operations protocols, and track shipments in-transit. Most of all, prepare for the worst-case-scenario: cargo theft. You can do so by contacting Avalon to assist you in securing “All Risk” Cargo Insurance coverage.

For more information on Cargo Insurance, contact marketing@avalonrisk.com or visit our cargo insurance product page.

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