Abstract: An elevator load bearing assembly, such as a polymer cord, reinforced belt, includes at least one element of a ferromagnetic material associated with each cord that comprises one or more non-ferromagnetic materials. The ferromagnetic element is associated with the cord such that a physical characteristic of the ferromagnetic element changes responsive to strain on the non-ferromagnetic fibers. In one example, the ferromagnetic element is a steel wire that breaks in areas that are strained, caused by bending fatigue, for example. Detecting a number of changes (i.e., breaks) in the ferromagnetic element along the length of the load bearing assembly provides an indication of the belt condition.