MACHINE owners who have plant stolen have to shell out over 20 per cent of the machine's value in uninsurable costs, security device manufacturer Kosran has warned.
Figures provided for Kosran by Bridle Insurance Brokers show that the total cost of policy excess, replacement hire, idle labour and administration could easily top £4,000 for a stolen mini excavator.
Kosran managing director Patrick Sheeran said: 'This is money straight off the bottom line that cannot get covered by insurance.' Bridle quoted the theft of a JCB mini last year, a claim which took six weeks to settle.
The machine's residual value was calculated at £20,000, from which the owner had to pay £2,500 excess, and £1,110 for six weeks' hire of a replacement.
On top of this, an operator and a banksman were paid for two days' idle time at £400, creating a total of £4,010 uninsured costs before any time for administration is factored in.
Kosran claimed machines fitted with its immobiliser have never been stolen.