Should I provide a full list of the tools I wish to cover?

It’s important to list the items you use so that you are properly covered if they are damaged although some providers only require all tools over a set amount to be listed on the polic.y Some insurers only require you to individually list items over a specified value.

How much should I insure my tools for?

You should insure your tools for the value at which they can be purchased brand new to ensure suitable replacements. That’s not the price you could flog them for on eBay, but the price you would have to pay if you had to purchase each and every tool all over again. The costs of all your smaller tools can add when their replacement cost is used so these need to be taken into account together with your higher value items.

What are my tools insured against?

Most policies will insure your tools against theft, water damage, and collision damage. Being insured for theft basically means that you need to keep your tools locked up if you want them to be covered, and providing sufficient evidence of a break in when making a claim.

What are the conditions of cover?

Although cover for unattended tools is usually provided, there are often conditions stating where the tools must be kept. Usually the requirements for where tools should be kept when unattended are locked in a secure storage unit or building, or when they are in a vehicle that has been locked securely. The tools would not be covered if the vehicle was left unlocked. The conditions of cover may vary, depending on the policy you purchase.

Is Wear and Tear Covered?

Under most policies, tools are covered for damage or loss but not for damage by their own malfunction or breakdown. If a tool becomes unusable due to general wear and tear, the insurer will not cover the replacement or repair – much the same as a car insurance policy does not cover the expense of a vehicle breakdown.

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