Risk of Metal Theft Is Growing

Three years ago it was reported the rise in metal prices had led to thieves stealing lead from church roofs.

Last year there was concern about the risk of precious metal theft and this year cable theft has again made the press. Nightmare commuter journeys are not unusual, but in addition to the usual reasons, cable theft has become a common cause for delay. This August, Transport for London reported that nearly £300,000 worth of metal had been stolen from the system in the last year and is being sold for scrap.

Thieves are going to even greater lengths to harvest these metals, risking life as well as long prison sentences. Non-ferrous metals such as lead and copper are desirable. They are not only costly to replace, but the theft can interrupt the running of your business, causing even further costs. Metals are often used in roof coverings and theft of these can lead to water damage in the building. In addition attractive amounts of cables and piping are often stored on construction sites; their loss can be very costly and delays build schedules, leading to increased staff costs on projects.

Most commercial property damage insurance policies will include theft cover, but cover may be restricted to theft following forcible and violent entry to or exit from the building. This may mean that theft of lead, piping etc from the outside of the building may not be covered under the policy. If you believe your premises are at risk, please make sure you notify us and we can check on the terms and conditions of your insurance policies wordings.

In addition to ensuring you have adequate insurance cover in place, it is important to be aware of the increased risks and the security measures a business may require to help protect it. You may want to consider improving physical security to the perimeter of your premises:

For guidance on the most suitable insurance cover for your business, please contact us to discuss your options.