Let’s face it the theft of copper and other precious metals are beginning to have a serious impact on the American and global economy. Although it may not be the most talked about topic on network news, copper theft is on the rise, and its implications for insurers, the public and our government are huge.
A new report from the nonprofit organization National Insurance Crime Bureau (NICB), which provides statistics on overall metal theft claims from Jan. 1, 2009 through Dec. 31, 2011, tells the tale. This according to www.insurancenetworking.com. Today’s report identified 25,083 insurance claims compared with only 13,861 identified from the 2006-2008 report—an 81 percent increase.
The top five states generating the most metal theft claims are:
In particular, since August 2009 thefts steadily increased across the nation as a result of rising prices for base metals—especially copper.
Copper thieves are threatening U.S. critical infrastructure and present a risk to both public safety and national security.
A recent theft of copper wiring, which blacked out runway approach lights, at the Modesto, Calif., regional airport along with similar incidents elsewhere have rendered traffic controls at busy intersections inoperative.
Thieves target copper in vacant buildings or difficult to secure areas, often without power or communication lines, including:
- Construction Sites - theft of copper plumbing, wiring, generators and materials.
- Vacant Buildings - theft of copper plumbing, wiring and air conditioners.
- Communications Towers - theft of copper busbars, wiring and cables.
- Electrical Sub-stations - theft of copper grounding bars and cables.
- Foreclosed Properties - theft of copper plumbing, wires, sprinkler systems and cooling systems.
In one of the largest copper thefts in history, in Tulsa, Oklahoma thieves made off with 50 tons of copper.
Theft damages the economy. The current rampage of metal theft is beginning to affect things on a larger scale. Millions of dollars in stolen metal is resulting in billions of dollars in losses for companies and insurance carriers. Definitely theft classes are needed, especially Ohio theft classes where the problem is at its worst.