Allianz Global Corporate & Specialty said it will waive the insurance deductible on theft of truck cargo in transit if the theft is reported to law enforcement within an hour of the theft.
The waiver of up to $5,000 in the deductible applies to ACGS Marine Insurance policyholders who use deterrent signage provided by CargoNet, an information network for cargo theft prevention and recovery that is a division of the Verisk Crime Analytics unit at Verisk Analytics.
In addition, Allianz policyholders will pay 20 percent less for their CargoNet membership than regular clients.
AGCS Marine is a charter member of CargoNet, an industry alliance formed by ISO and the National Insurance Crime Bureau in 2009 to combat cargo theft, a problem that costs U.S. businesses billions annually.
The CargoNet initiative was built to allow manufacturers, retailers, transportation companies and their insurers to quickly and accurately share cargo theft information with law enforcement agencies and to analyze cargo theft trends.