High metal prices continue trend of insurance thefts.
In April, the BBC reported that thousand of homes in Edinburgh could have been left without power after thieves tried to steal metal from an electricity sub-station. Fencing was cut by thieves around Newbridge Electricity station but were disturbed before they could steel any metal. If successful thousands of homes in Edinburgh could have been left without power. (Full article here )
This incident mirrors a national trend of thefts of metal from business premises in the past several months. If you are a foundry that handles large quantities of metal, you are at an increased risk due to metal prices.
We therefore recommend the following advice to foundries:
- Review your physical security arrangements – This should include the site perimeter, building exteriors and high value stores
- Is your Intruder alarm system adequate?
- Many alarms are restricted to office areas. Can these be extended?
- Consider CCTV as part of your overall security.
- Have you increased your sums insured to cover the raised values?
- What are your security arrangements for Stock in the open?
- Make sure your Business Continuity Plan includes arrangements to deal with raw material storage.
Andrew Bourne and Co. are specialist insurance consultants to the Cast Metals Industry. For further information on the above , or if you would like a FREE impartial review of your present insurance programme, please contact our foundry insurance expert Richard Gibson on 07510 695335 or email richard.gibson@abourne.com
