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Tool Insurance

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  • Tool Insurance

    Recent posts here and on other forums about tools and or work trucks stolen.So sad to read the stories.

    Question to those who have gone thru it, what do you reccomend as far as insurance? The games the insurance companies play makes a suck situation worse.

    wookie

  • #2
    Re: Tool Insurance

    We have an additional tool rider added to our automotive policy. The standard policy only covers the vehicle. So the rider covers everything inside as long is its all documented.
    Ron Hasil Lic #058-160417
    A-Archer Sewer & Plumbing specializing in:
    Tankless Water Heaters | Drain and Sewer Cleaning
    Sump and Ejector Pumps | Backflow RPZ Testing

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    • #3
      Re: Tool Insurance

      Insure your tools for their replacement value. That way, as long as you have a mutually agreed upon list of your tool inventory with your insurance carrier there shouldn't be any problems if something unfortunate happens.
      Teach your kids about taxes..........eat 30 percent of their ice cream.

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      • #4
        Re: Tool Insurance

        out here it's called "inland marine coverage" way to expensive as anything over $1000.00 needs to be itemized. figure about 10% of the value.

        so it's an educated risk you take to insure your stuff.

        each state is different, but california has their rules and they don't come cheap.

        i don't know anyone that i work with who has this coverage. from small to large companies.

        rick.
        phoebe it is

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        • #5
          Re: Tool Insurance

          My claim went through USAA which is my homeowners policy. $500 deductible but FULL replacement value. Company van stolen from my driveway. If it had been parked on the street, no payout.
          No proof of what was stolen needed just police report. Fully reimbursed within 30 days. Other policies have a 30 day waiting period before payout. How many of you could go a month without tools?

          The van replacement went through the company umbrella coverage with depreciation.

          If tools are stolen while at work the company policy kicks in but receipts and serial numbers needed for tools over $2,500. And with depreciation value accessed. Not what you think its worth, what THEY think its worth.

          I'm still smarting over my theft a year and a half ago. Its made me hollow inside.

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          • #6
            Re: Tool Insurance

            Looked into this years ago. My agent said the cost of the insurance equals to, buying all new tools every 5 years! Never bought it.
            I can build anything You want , if you draw a picture of it , on the back of a big enough check .

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            • #7
              Re: Tool Insurance

              Originally posted by toolaholic View Post
              Looked into this years ago. My agent said the cost of the insurance equals to, buying all new tools every 5 years! Never bought it.
              Nice place to live!
              Teach your kids about taxes..........eat 30 percent of their ice cream.

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              • #8
                Re: Tool Insurance

                I used to have a inland marine policy here in Calif. and for the reasons given by Rick and Tool let it go. Rates kept going up and coverage getting less.

                Last year a friend lost truck and tools, what a fiasco barely 10% and what a fight to get that.

                Sad situation all around, I havent been hit yet. If it happens I will on my own. Police around here are useless, so much crime and no revenue to be generated on their part.

                keepin it loaded and within reach

                wookie

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                • #9
                  Re: Tool Insurance

                  Originally posted by BadgerDave View Post
                  Nice place to live!
                  Thanks, We thank Pixar, Steve Jobs, and many more for all that
                  I can build anything You want , if you draw a picture of it , on the back of a big enough check .

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                  • #10
                    Re: Tool Insurance

                    Hi,
                    Yeah i agree with the statement that most of insurance companies do not provide the promised services but let me inform you that i was having Met Life insurance and I receive a very good response for my claim that was caused by an accident going to florida, I am happy with my insurance comapny. Met LIfe
                    supplemental insurance minneapolis

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