You may not be familiar with Tools in Transit cover, but if you are a tradesperson, who regularly carries tools in your vehicle, it’s worth knowing about. A Tools in Transit policy is separate from, but beneficial to you, alongside your Trade Insurance.
What you need to know…
A Tools in Transit policy provides new-for-old replacement Insurance for a tradespersons’ tools – since most vehicle insurance doesn’t include content cover, where you therefore wouldn’t be covered for your tools, should your van be stolen or broken into.
The cover starts from when tools are lifted by a tradesperson or their employees, just prior to loading and continues until they are placed in position – not including any building or erecting.
You’re covered for tools stolen/ damaged/ destroyed in the vehicle during transit and during loading/ unloading and cover does not include non-tools stolen or damaged or any tools just damaged due to general wear and tear. This policy only covers your tools.
Your tools in transit will be insured up to a maximum amount – dependent on your particular policy, as well as the value of your tools. There are different levels of insurance you can take, so your policy could cover you for between £500 & £10,000. Your policy would not include cover for any damage caused to your work vehicle – you would need to claim for that through your vehicle insurance.
You would be covered for up to two claims in the 12 months that the policy runs for. This policy includes an excess fee of £100.
In the event of a claim – you’ll be compensated, either as a replacement, or on occasion, through a financial reimbursement at the insurer’s discretion.
We advise you ensure your tools for the correct amount, so you don’t find yourself under-insured, should you need to make a claim – whereby you otherwise wouldn’t then receive full compensation.
You will also need to ensure your tools are correctly secured in your vehicle when left unattended.
It remains your responsibility to ensure you take adequate precautions to keep your tools safe – during the day, whilst in transit and overnight, in accordance with this/ your other insurance policies.
A Tools in Transit policy can be a valuable additional policy to protect your tools and the subsequent costs to you. The policy is recommended for trades people, to avoid huge costs, following damage or a theft.
Some of the tradespeople who can benefit from a Tools in Transit policy, include;
- Carpenters & joiners
- Those doing groundwork
Talk to your broker about Tools in Transit cover and a policy that suits you & your work.