Insurance Claims on Electronics Drop7 Jun 2012
Overtaken by jewelry, insurance claims for electronics dropped from the top category in 2011, according to the annual Contents Claims Index released by Enservio, who is a provider of valuation and replacement software and services and contents inventory creation.
Jewelry claims increased by four percent to 17 percent, while electronic insurance claims decreased by two percent to 13 percent, both of which were ranked by dollar value as a percent of total value.
The Contents Claims Index is noteworthy because it helps insurance companies hone in on the cost of insuring personal items and belongings. In deriving the index, Enservio gathers, aggregates, and evaluates content claims reported by more than 300 property insurers in the United States. In turn, it’s able to gauge trends on over 20 million appraised business and personal items claimed by the insured as damaged, stolen, or lost. All-in-all, the Contents Claims Index involves over 2,000 categories and subcategories.
What’s the reasoning for the drop in insurance claims for electronics at a time when technology is advancing so rapidly and more and more people are purchasing electronic gadgets, such as smartphones and tablets?
One factor that may be coming into play with respect to insurance claims is a growing number of electronic gadgets are equipped with GPS tracking technology. On an increasing basis, law enforcement have been able to track down thieves of iPads and smartphones through the use of GPS tracker integrated into the device or through a GPS tracking app. Even individuals who have lost their device have been able to find it on their own through integrated GPS technology. Either way, having the GPS tracking technology integrated into electronic devices have saved insurance companies a boatload of money in terms of insurance claims.
Just like security systems in homes and cars deter theft, GPS tracking technology in electronic devices can curb theft — as long as the perpetrator knows about it. Even if they don’t, GPS tracking systems help in the recovery of stolen electronics.
While GPS tracking may not completely stop a professional thief if they know how to deactivate tracking, anyone who finds a iPad or smartphone that has been accidentally left somewhere has a strong deterrent to not use the device.
As a side note, there was a huge (66 percent) drop in insurance claims for maps, reports Enservio, which in all likelihood reflects the growing use of GPS navigation devices and GPS technology built into mobile devices, computers, and vehicles.
If you are a jeweler and would like to protect your high value cargo shipments, with state-of-the art gps tracking devices, please give us a call today.