Underscoring the growing threat that theft and insurance fraud poses to its member companies, InfoComm International®, the leading non-profit association serving the worldwide professional communications industry, is teaming up with its only endorsed insurance provider, Take1 Insurance, to host a special webinar on August 8, 2012 at 1 p.m. EST.
According to Scott Carroll, Executive Vice President of Take1 Insurance, the webinar entitled “Trust but Verify” will carefully examine a real-world 2011 Take1 insurance claim in which a film equipment rental company took every precaution with a new client and still had $255,000 worth of equipment stolen.
The webinar will explore the extensive actions this company took to protect themselves and how the highly sophisticated deception against them unfolded. Carroll will explore why equipment rental providers should consider taking some of these same precautions even though, in this case, they weren’t enough to prevent the theft.
In January 2011, the Miami, Florida based rental company, HD House, had $255,000 of high-end video production equipment stolen by a new customer who they thoroughly vetted. HD House was understandably shocked when they learned that this customer had stolen the identity of a reputable UK film producer, going so far as producing false identification and taking out a real insurance policy in order to commit fraud. Because the client bought his own insurance with the intent to commit fraud, it didn’t cover the theft.
Luckily for HD House they had signed on with Take1 just 90 days before the theft, and within hours of submitting their claim the wheels were turning on what ended up being a full payment of $255,000. HD House’s previous insurance provider would only have been obligated to pay $140,000 of the loss, and may have even tried to deny it completely.
“This kind of fraud happens more than people like to think,” Carroll emphasized today, “and InfoComm takes this issue very seriously on behalf of its membership. This InfoComm webinar will provide business owners with advice and insight on how to protect against fraud and equipment theft by sophisticated thieves who use forged documents and can even impersonate foreign businesses. Take1 and InfoComm want to make sure that every business has the tools and knowledge required to recognize suspicious clients and prevent theft or fraud before it happens.”
Take1 Insurance is the endorsed insurance provider of InfoComm International®, the leading nonprofit association serving the professional AV communications industry worldwide. Take1’s specialty program has designed inland marine coverage, among other specialty coverages for the entertainment industry, that automatically applies everywhere in the world, without the need for additional riders or endorsements. It eliminates co-insurance, thus protecting 100 percent of the insured value of the equipment covered; provides automatic replacement cost valuation; allows for separate limits in key individual coverage areas like owned equipment, equipment rented from others, equipment in the insured’s Care Custody and Control (CCC), and equipment in transit; flood coverage for equipment in transit; and blanket limits that eliminate the need for clients’ to itemize each and every piece of equipment, cable, LED panel, etc. being covered.