Contractors' Equipment Losses: Knowledge of Hazards Can Reduce Risk

Overview: Contractors and operation managers run a risky business. One area that is often overlooked is equipment security. Theft, vandalism or malicious mischiefs represent more than one-third of all losses to contractors' equipment. Damage to equipment due to transit and operational hazards accounts for approximately 16 percent of dollar losses. Construction sites are attractive targets for thieves. The high value and portable nature of equipment can lead to quick profit for successful thieves, who can simply start up equipment with a universal key and drive off the job site. In order to minimize vandalism, locking fuel caps should be placed on all vehicles, equipment and fuel storage tanks. Passive alarm systems are often utilized on large or high-value machinery to disable the equipment or sound an alarm in the event of attempted theft. The storage yard location, whether at or remote from the job site, must be considered when developing any loss control program. Minimizing the potential for fire damage is successfully achieved through an aggressive maintenance program and by controlling job site hazards and fueling activities. Enforcing these safety precautions will not only help insure equipment, but also will increase success and competence level necessary to maintain professional standards in building construction.

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Format: HTML | Date: Feb 2001 | Pages: 1