Skip to content

PublicNews

Text Size: - +
Go Back to Most Recent FYI Articles

Go Back to Insurance for Mid to Large-Sized Businesses Articles

7/4/2011 - Nearly 750 cargo thefts in 2010


Cargo thefts accounted for significant losses last year.

The National Insurance Crime Bureau is out with its latest report, this one detailing how much merchandise businesses were robbed of in 2010.

According to its national Cargo Theft report, the NICB reports there were 747 cargo thefts in 2010, totaling $171 million in losses for businesses nationwide.

The FBI defines "cargo theft" as stealing merchandise that's being shipped through various modes of transportation - be it by plane, truck, boat or railway - by a commercial outfit.

While cargo theft affects businesses' bottom line, NICB president and CEO Joe Wehrle says it also adversely impacts the country's economic vitality and health.

"Cargo theft is not only a property crime that hurts the national economy, it can have a serious impact on public health and safety," said Wehrle. "In one case a load of insulin was stolen and stored at a warehouse while the thieves made arrangements to sell it on the black market."

Business insurance can help companies recover from financial losses such as these. Policies may be particularly important for businesses owners in Tennessee, which the NICB says was one of the states where cargo theft was common. To learn more about business insurance from Selective, talk to your Selective agent today or click here.

Go Back to Most Recent FYI Articles

Go Back to Insurance for Mid to Large-Sized Businesses Articles