"Copper-tunity" Thefts Likely to Get Worse

By: Beth Shayne Email
By: Beth Shayne Email

In the yard at Frontier Communications in Brooklyn, spools of copper cable are locked up and under video surveillance, and even still, they were burgarlized.

The thieves took 7,000 feet of cable, worth about $4,000 bucks. The company tells us by phone, their Brooklyn office is not the first.

Copper's priced right now at about $3.65 a pound--and on the way up. That price has increased 16 percent this month alone.

Dave Drayton, VP of Lyman and Sheets Insurance, sent an e-mail as a warning to his clients about a recent theft. He represents contractors, electricians, and building owners who are at risk.

"Probably claims that used to come every 3 to 6 months are now coming monthly," he says.

He says one of his clients' work sites is being pilfered daily. Many of the claims are small--too small to report.

Both Drayton and Niles only expect the problem will get worse. The best protection is lghting or security. The best insurance is to label your metals so a scrapyard will know they're stolen before they trade them for cash.

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