OneBeacon Urges Property Owners to Protect Against Copper Theft

CANTON, Mass. , May 19 /PRNewswire-FirstCall/ -- A single penny may be worth only 1 cent, but put enough of them together and their copper content can fetch between $3 and $4 a pound -- which is enough to entice thieves to steal not only pennies, but copper in every possible form.

"The New York Commodity Exchange (COMEX) reports that the price of copper pipe and tubing has risen by more than 250 percent in the last three years," said Charlie Sidoti , vice president of risk control services for OneBeacon Insurance Group. "And research by the International Copper Study Group indicates that prices are rising in large part because of the demand for raw material. Thieves steal copper pipe and tubing and resell it to certain salvage yards that readily accept the scrap with no questions asked."

According to Sidoti, thieves look for copper in almost every conceivable place, including commercial facilities, homes, construction sites, public parks, and roadways. And what do they look for?

To protect this valuable resource, OneBeacon urges contractors and property owners to minimize the risk of theft by ...

"Commercial property owners should secure their locations with fencing, motion-sensing exterior lighting, intrusion detection connected to a UL-approved monitoring service, video surveillance, security/property management services, and locked steel cages for HVAC equipment," said Sidoti. "In addition, they should remove any unused fixed exterior ladders, stairs and other means of access -- except fire escapes, of course; and they should implement a formal visitor policy that includes log books. Residential and seasonal property owners can take similar steps to protect their properties."

OneBeacon Insurance Group's operating subsidiaries offer a range of specialty and segmented commercial and personal insurance products sold primarily through select independent agents. As one of the oldest property and casualty insurers in the United States , OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon's specialty insurance products are available countrywide, and commercial and personal lines are offered in select geographic territories.

OneBeacon's U.S. headquarters is in Canton, Massachusetts . The company is publicly traded on the New York Stock Exchange under the symbol "OB".

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to OneBeacon's:

These statements are based on certain assumptions and analyses made by OneBeacon in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by OneBeacon will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, OneBeacon or its business or operations. OneBeacon assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE OneBeacon Insurance Group