Thefts from building sites are costing the construction industry over £800 million a year, with £70 million of plant theft. These figures released by insurance firm Allianz Cornhill are set to rise as the predicted slowdown in work for the industry takes hold.

Alan Harris, engineering director with Allianz Cornhill says: “In the main, plant is left lying around and thieves are becoming more sophisticated.” A third to a half of all plant stolen in the UK is sent abroad, mostly to the Middle East and Eastern Europe. With few identifying marks on the plant, police recovery rates are less than 10% of all thefts.

The most commonly stolen items are also the largest. JCB diggers and compressors attribute to much of the £70 million in thefts. However, when the cost of plant replacement, temporary plant hire, loss of business and higher insurance premiums are taken into account, the total cost of stolen equipment escalates dramatically to £800 million.

Source

Electrical and Mechanical Contractor