Tools theft is rife around the country at the moment and this has resulted in a substantial increase in claims. We urge all members to take extra precautions and ensure your tools are securely locked away, ideally out of sight from the road.
Where possible vehicles that contain tools should be garaged or parked off the roadside and alarmed. If you have a container on site where you store tools this should be fitted with a heavy duty lockbox-style steel cover to prevent the padlock being cut. Portable alarms are also recommended for on site storage containers.
Keep your asset register up to date
To make a claim under a tools & equipment policy you need to prove your loss. Make sure your tools/asset register includes:
Only your tools & equipment are covered
This means tools owned by the insured entity (eg. the company). It does not cover tools owned by subcontractors on a site, they should insure their own. Employees may have cover under their own contents insurance in some cases and also under the terms of some employment contracts. If you employ staff and contractors make sure they understand this. If you are an employee, check your contract and/or contents policy to find out.
Replacement value insurance
CBA Insurances customers benefit from replacement value insurance cover. This means the policy will replace any item for new, irrespective of its age or condition. The sum insured must be the replacement value of your tools.
$1,000 excess for theft
Our policy includes a $1,000 excess for burglary and theft, while policies from some other insurers have a $2,500 theft excess.
Fast claims service
Part of our mission is working with insurers who understand your need to get back to work quickly after an event. Early in August we were notified of a tools claim by a NZCB member. Four days later he had been paid out and was able to purchase replacement tools. This fast turnaround was possible in part because this particular builder had an up to date schedule of his tools and could supply invoices as proof.
For a tools insurance quote contact the CBA Insurances team or click here to request a quote online.