Report: Value of cargo theft on the rise in 2013

Though the amount of stolen freight declined, the value of cargo theft in the U.S. increased during the second quarter of 2013.

Though the amount of stolen freight declined, the value of cargo theft in the U.S. increased during the second quarter of 2013.

According to an article on Business Insurance, there were 194 cargo thefts during that time period, or 15 percent less than in the first quarter of the year. Each incident represented an average loss of $164,594—4 percent more than during the first quarter.

These numbers serve to highlight the importance of a proof of condition service like CargoSnapshot.

CargoSnapshot allows users to take individual pictures of each piece of cargo before, during and after a journey. This service allows carriers to document any damage, loss or theft for insurance purposes. It also helps carriers hold themselves—and their customers—accountable.

For example, food and drink were the most common products stolen during the second quarter, according to the news source. They made up 31 percent of all thefts. The next most frequent target was consumer electronics, making up 11 percent of the total.

With a proof of condition service, carrier workers are able to determine when such goods are taken, allowing them to narrow down who might have been responsible.

But CargoSnapshot has another purpose. Sometimes, customers report stolen items fraudulently, in an effort to extract a settlement from carriers. With pictures in hand, however, the carriers are able to prove that the allegedly "stolen" items were never transported in the first place.

By helping carriers determine what they are responsible for, proof of condition services make for a more efficient supply chain.

Posted in Cargo

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