What is Tools in Transit Insurance?
Tools in Transit insurance is perfect for tradesmen who regularly carry their tools in their vehicle and rely on their tools to earn an income. This insurance will cover the cost of repair or replacement of tools if they are lost, damaged or stolen whilst being loaded or unloaded, carried or temporarily housed in your vehicle.
What specifically does the Policy cover?
The Policy covers portable tools, tool kits or test equipment connected with your trade which is owned or hired by you. The tools will be covered from the point that they are lifted by you or an employee immediately prior to loading, up until the point it is placed in position by you at a destination, including loading or unloading. In the event that the tools are lost, stolen or damaged the Policy will cover the cost of replacing the tools or at the insurer’s discretion they may look to reimburse you an amount equivalent to the cash value of the tools. Cover is limited to two claims in any 12 month period.
How many vehicles does the Policy cover?
The Policy works on a per vehicle basis, if you carry your tools in more than one vehicle you will need to purchase a Policy for each vehicle.
What conditions apply to the insurance?
There are some important conditions that you need to adhere to, and we recommend that you read the full Policy Wording prior to purchasing this cover. In particular:
- When you leave your tools in your vehicle and the vehicle is unattended, it is important that the tools are concealed and securely locked in a boot, cargo hold or other locked internal compartment and that all windows and doors have been securely fastened and keys removed and any additional security measures implemented (e.g. anti-hitching devices).
- You need to be able to evidence forcible and violent entry to the vehicle in the event the tools are stolen.
- When you park the vehicle overnight you need to make sure it is either parked in a secure area locked by a garage or gate, on your off road driveway, or where these are not available to you make sure it is on the same street, in a well lit area and clearly visible from your house.
Are there any situations that are excluded?
As with any insurance Policy there are some exclusions and we recommend that you read the full Policy Wording prior to purchasing this cover. Some of the key exclusions include claims arising from:
- Theft or attempted theft where you have left your vehicle for more than 48 hours unattended (or without checking it).
- Theft of laptops, mobile phones or any other mobile communication equipment.
- Theft of any money, securities or jewellery, or anything other than your tools in transit.
- Any expense incurred from not being able to use the tools in transit.
- Damage to tools whilst being towed on its own wheels or driven under its own power.
What is the maximum amount the Policy will pay out?
You can purchase cover for a limit of £500 up to £10,000, so you can choose an amount that will be sufficient to cover the value of your tools. Although note that it is important that you get this right as where the amount chosen is not sufficient to cover the value of your tools then the Policy will pay a proportionate amount in the event of a claim. So, if your tools are worth £5,000 and you insure to a value of £2,500 the Policy will only pay 50% of the claim value - £1,250.
What is the excess on the policy?
Each claim will have an excess applied of £100.
What are the payment terms?
You can choose to pay in full for 12 months or on a rolling monthly payment basis.