Tool Insurance - Contractor Talk - Professional Construction and Remodeling Forum

dayspring · 08-13-2006, 08:28 AM

I'm considering getting insurance on my tools(shoulda already done it , I know

), approaching 25,000.00 dollars worth at last count. Anyone have an idea of the average cost for this is? I know it will vary from area to area, just kinda wondering. I searched previous post and didn't see anything.

Gordo · 08-13-2006, 08:59 AM

The cost is not worth the coverage imo. You are better off self insuring.

N.E.Bldg&Rest.LLC · 08-13-2006, 09:06 AM

Just make sure they'll be covered wherever they are, shop-garage-house-personal truck-company truck-trailer-job site-pocket. And make sure they spell it word for word, then have your lawyer look at the policy to make sure there isn't any gaps or loop holes in it.

Can you tell I don't like the way insurance company's treat hard working, honest people.

Pearce Services · 08-13-2006, 09:27 AM

I have tool coverage from Travelers, it is either a rider on my truck or my business liability plan. Very inexpensive. It covers tools on my truck, at my warehouse, and on jobsites. Since my toos are never all in the same place at one time, I only have coverage for about half of my tools value.

A generator was stolen off my truck. Paid $1000 for the unit, plus $50 for sales tax. I had the unit for 1-1/2 years. Entered a claim with a copy of the police report, and within 2 weeks had a check for $1046.50 they were more concerned about getting me back into business, than waiting to see if the police found the unit. I did get a minimal increase in my deductible for the following year, but could not be happier with the service I received from travelers insurance.

Money well spent if you ask me.

mdshunk · 08-13-2006, 09:30 AM

Quote:

Originally Posted by Pearce Services

I have tool coverage from Travelers... Very inexpensive.

I'm with Traveler's also, for most everything. I know that the tool (and material) insurance rider for the 4 trucks at 5K per truck is only around 100 bucks a year. Seldom do I leave much of value (tool wise) on jobsites overnight. Chain up a stack of ladders, and that's about it. If crap's stolen out of the shop, that's covered already for nothing extra.

Gordo · 08-13-2006, 09:31 AM

Quote:

Originally Posted by Pearce Services

I have tool coverage from Travelers, it is either a rider on my truck or my business liability plan. Very inexpensive. It covers tools on my truck, at my warehouse, and on jobsites. Since my toos are never all in the same place at one time, I only have coverage for about half of my tools value.

A generator was stolen off my truck. Paid $1000 for the unit, plus $50 for sales tax. I had the unit for 1-1/2 years. Entered a claim with a copy of the police report, and within 2 weeks had a check for $1046.50 they were more concerned about getting me back into business, than waiting to see if the police found the unit. I did get a minimal increase in my deductible for the following year, but could not be happier with the service I received from travelers insurance.

Money well spent if you ask me.

Whats your cost for this coverage? How much did it go up?

Peladu · 08-13-2006, 12:20 PM

I rarely (most likely never) have all of my tools in the same spot/job.
If I get ripped off, on a job lets say, thats only a small portion of my total tools.
It isn't worth it for ME.
My insurance carrier made me insure my laser level just because it was worth more than $1,500. But that was forced onto me and I think even this is worthless waste of funds IMHO.
I have more than 25K in tools, and have never really worried about it.
But then again, this is ME.

Tom R · 08-13-2006, 12:34 PM

Quote:

Originally Posted by Peladu

But then again, this is ME.

Oh, - - when did you move to Maine??

Peladu · 08-13-2006, 12:46 PM

Tom,

I added the "This is ME" to my post as a way to stop the crybabies here
from jumping on my post claiming it's incorrect.

You know, like a disclaimer.

Some still dont understand that there different variables throughout
the country. They think that just because a member in Canada is
paying $x.xx for a product, that they should be at the same price.

It's an uphill and continuous battle, so I add my disclaimer.

I think I may think of a disclaimer for my sig........

Tom R · 08-13-2006, 12:51 PM

Yeah, I know, - - just practicin' my 'rabble-rousin' . . .

Pearce Services · 08-13-2006, 05:42 PM

My policy for $4000 in tools costs $154. I do not know yet how my claim has affected my policy. I got a notice of change of deductible. it says that my deductible went from 0 hours to 72 hours. my agent told me that just means that i have a longer waiting period if I file another claim, But I am waiting to see my renewal premium to be sure.

dayspring · 08-13-2006, 05:49 PM

[quote]Some still dont understand that there different variables throughout
the country. They think that just because a member in Canada is
paying $x.xx for a product, that they should be at the same price.

Not too sure what you are talking about Peladu.

Tool Insurance is either cost effective or it is not. Look guys, If I didn't respect your opinion on certain things I would not ask. If you have good advise, I will recognize it as so. If you don't, that too is recognized for what it is.
I have never bought tool insurance before and I've had several people ask me if I had it lately, just thought I'd see what the group had to say. Thank-you

Peladu · 08-13-2006, 06:10 PM

Tool insurance is not cost effective for my setup.

Tool insurance my be cost effective for your setup.

See...

dayspring · 08-13-2006, 06:22 PM

Ok thanks, I'll have to evaluate the cost vs chance of theft and weigh it out.

Peladu · 08-13-2006, 06:26 PM

If you live/work/ or your shop is in a rough neighborhood, your chance of loss is greater than mine.

dayspring · 08-13-2006, 06:30 PM

I live in a pretty small area(mountains of SW north carolina), with a BIG DRUG PROBLEM, tool theft is pretty common around here.

Peladu · 08-13-2006, 06:33 PM

That's why I live in Chicago, NO crime.

mdshunk · 08-13-2006, 06:37 PM

Quote:

Originally Posted by dayspring

I live in a pretty small area(mountains of SW north carolina), with a BIG DRUG PROBLEM, tool theft is pretty common around here.

Sounds like you've answered your own question, then.

We're only talking about a couple hundred bucks a year here. How much would it cost you if they ripped off a generator, radial arm saw, or even a good fiberglass extension ladder? Might as well buy the comparably cheap insurance.

dayspring · 08-13-2006, 06:40 PM

I hear the no crime. I'm sure ours is nothing close to yours. Thank the Lord. I lived in "Hotlanta" before moving here. What a breathe of fresh air it is.

dayspring · 08-13-2006, 06:41 PM

Quote:

Originally Posted by mdshunk

Sounds like you've answered your own question, then.

We're only talking about a couple hundred bucks a year here. How much would it cost you if they ripped off a generator, radial arm saw, or even a good fiberglass extension ladder? Might as well buy the comparably cheap insurance.

ya gotta point!