The facts
A development company accepted a construction project developing an addition to an existing medical treatment facility. Phil, the owner of the development company, hired an electrical subcontractor, Tim, to complete the installation of the mechanical and electrical rough-in work.
After leaving the workplace for the evening, and despite having the project site fenced and the front gate locked, thieves managed to gain access to the project site and stole a large quantity of copper wiring and piping - some of which had already been installed by Tim. The thieves specifically targeted the copper-based products as they are a highly sought-after commodity due to the high value they receive at recycling centers.
The result
The claim was settled for just over $30,000. The interests of Tim, the subcontractor and Phil, the owner, were fully covered by Victor's policy.
Risk factors
Risk factor #1
Make sure an up-to-date inventory is kept for installed and soon-to-be installed materials, as well as items in transit or in temporary storage.
Risk factor #2
Lighting the jobsite at all times will help reduce the risk of theft.
