Cargo Theft: Insurance Bureau of Canada New Cargo Theft Reporting Program Announced

What is cargo theft? 

Cargo theft involves stealing trucks or trailers full of merchandise to sell for a quick profit. Trailers often carry loads of goods worth thousands of dollars.

Cargo theft has become a significant problem in transportation hubs in southern Ontario, and in Montreal and Vancouver.  A low-risk, high-reward crime, cargo theft appeals to criminals who steal merchandise, parcel it out and sell it, often before the crime is even reported. 

• A 2011 study commissioned by the Canadian Trucking Alliance (CTA) pegged the cost of cargo crime at $5 billion per year and linked cargo theft to organized crime, which uses the proceeds of cargo theft to fund such activities as gun and drug smuggling.
  
• Cargo theft often goes unreported, making property recovery and prosecution a challenge.  
  
• Cargo theft cheats consumers, retailers, insurers and the trucking community and wastes law enforcement resources.

IBC’s national cargo theft reporting program
On March 18, 2014, IBC and the Canadian Trucking Alliance announced a national cargo theft reporting program open to all insurers operating in Canada including IBC members and non-member companies.

The program improves information sharing among insurers, law enforcement, the trucking community and other stakeholders to help speed the recovery of stolen goods and bring criminals to justice.

Original News Article