# Forum More Stuff Debate & Technical Discussion  Tool insurance

## jimfish

Do you have it and how much is it. I just got a quote to cover my tools and would have to add another working week to the year to pay for it.

----------


## OBBob

Are you talking business rather than domestic? It often comes as part of home insurance and OB insurance... but I imagine for a business or may be a different story.  
As with a lot of insurance it can be worth considering self insuring if you are likely to have the funds to cover the loss at the time.

----------


## jimfish

Yeah bob tradies tools, my understanding is my tools of trade aren't covered by my home insurance in the case of my shed being broken into.

----------


## plum

Have never had it, self employed for 27 years. Over the years, may have had a grands worth of tools nicked. I think I'm ahead.

----------


## jimfish

Same plum but a neighbour up the road had his shed broken into and all his tools nicked. The same morning we had a vehicle drive up our driveway slowly then turn around as the wife poked her head outside for a look. Have had the odd tool nicked from site but to have to buy a complete new kit would be another matter altogether.

----------


## OBBob

You could just ask Marc for them back after he buys them at Cash Converters.   :Biggrin:  Ha ha... just kidding, I'm sure ownership is carefully checked at CC.  
Seriously though, it's a sad consideration.

----------


## Optimus

Why can't you get it covered by home and contents?

----------


## Marc

You could include in your home and content depending on who the insurer is. You will probably be asked to do an inventory to cover it at home. Best however is to have a separate insurance like this mob here  https://www.gogetinsurance.com.au/se...FYWVvAodKJMGQg

----------


## ringtail

All of mine are covered at home no problem. I have built a dedicated room downstairs though with a deadlocked solid core door. Nothing is covered in my van though, AKAIK. Whenever I go on holidays I empty the van into the lock up. There is the any one item over x value on the insurance policy that one has to itemise. Mine is $1500. No one thing of mine is over that to replace so all good and I've certainly done more than enough "risk mitigation".

----------


## jimfish

I will check on that but my understanding is they are not covered because they are tools of trade and need to be covered separately. Marc I had looked at that but anything over 3 years old is not covered new for old. The other thing I'm unsure of is do I need to insure the full value of all tools . If I only insured for half the value ( which would be enough to get me working again ) in the event of a claim would they only pay 50% of the claim as my tools are underinsured .

----------


## Marc

Das bunker ...  :Smilie:

----------


## Marc

Gio will cover tools of trade at home up to 1000/2000 or 5000 depending on the level of cover. Not much, but better than a kick in the shin.
I don't drive around with $20,000 worth of tools but if I did I would most certainly have a dedicated insurance for it. 
Shop around, plenty of insurance companies offer tradies insurance. The one I posted seems very reasonably priced.  
Of course like everything, you must assess the risk, and the difficulty of replacement. 
I know of photographers who lug around 100k worth of equipment without insurance because the cost is so high that they say in a few years they can self insure. God bless them! I would not only get insurance but carry a loaded gun with me.

----------


## ringtail

I think a good dog is better than insurance anyway.  :Biggrin:  And if you live in a high crime area, move.  :Tongue:

----------


## johnc

> I will check on that but my understanding is they are not covered because they are tools of trade and need to be covered separately. Marc I had looked at that but anything over 3 years old is not covered new for old. The other thing I'm unsure of is do I need to insure the full value of all tools . If I only insured for half the value ( which would be enough to get me working again ) in the event of a claim would they only pay 50% of the claim as my tools are underinsured .

  If you had $10K in tools but only had $5K cover and someone nicked half of them your insurer would pay out $2,500 in simple terms that is how it would work. Mine are covered supposedly on home contents cover although I doubt I'm fully covered. I have never tried to add up the value of what is in the shed, a lot to me but not much to someone selling them from the back of a ute.

----------


## PlatypusGardens

> I think a good dog is better than insurance anyway.  And if you live in a high crime area, move.

  Ringtail - solving the world's problems one at a time   :Smilie:

----------


## OBBob

Well he doesn't mean a greyhound ... unless death by snoring or licking is a thing.

----------


## PlatypusGardens

> Well he doesn't mean a greyhound ... unless death by snoring or licking is a thing.

    :Rofl5:  
Coming up on CSI: Outback - the team faces their biggest challenge yet as a dead body was found next to a grehound.
There was also a bag containing powertools. 
The cause of death is yet unknown, but slobber and burst eardrums suggest licking and snoring.     :Rofl5:

----------


## Marc

> If you had $10K in tools but only had $5K cover and someone nicked half of them your insurer would pay out $2,500 in simple terms that is how it would work. Mine are covered supposedly on home contents cover although I doubt I'm fully covered. I have never tried to add up the value of what is in the shed, a lot to me but not much to someone selling them from the back of a ute.

  Power tool theft has reduced a lot in the last 10-20 years due to the poor resell value with the market flooded with under $100 rubbish. All you need to do is make an inventory and give it to your insurer. Add on every single item. Take a picture of the lot, keep receipt if you have them. You will pay more but it will be a very small difference, may be nothing depending on your insurer, your track record and the level of cover.

----------


## johnc

> Power tool theft has reduced a lot in the last 10-20 years due to the poor resell value with the market flooded with under $100 rubbish. All you need to do is make an inventory and give it to your insurer. Add on every single item. Take a picture of the lot, keep receipt if you have them. You will pay more but it will be a very small difference, may be nothing depending on your insurer, your track record and the level of cover.

  I have a considerable number of inherited tools, they are worth a lot to replace but most (in terms of value) are items I don't use and will possibly never use, what you say however is correct, I have a list of what I do use, if there was a loss most of that would be covered if not all as for the remainder money wouldn't compensate, I am really only holding onto them because of family connection and lack of a secondary market. Odd isn't it, the stuff we keep because we can't quite let go only to leave the problem to our kids when we cark it.

----------


## ringtail

> Ringtail - solving the world's problems one at a time

  It's how I roll PG.  :Biggrin:   Try getting near a ute with a feisty blue heeler in the back. One's hands are worth more than red crap Milwaulkee.  Some might risk it for Bosch blue though  :Tongue:  . But really, tools these days are pretty unsellable. Social media has people on the lookout, markets, cash converters etc.... won't sell anything. No point in the meth heads stealing them. Any tradie caught with stolen tools will get their feet nailed to the floor. Mark your tools, keep the instruction manuals as proof of ownership and take photos of everything together and individually.

----------


## Marc

I wish that was the case with Blacksmith tools. I bought a Feins magnetic base drill worth a couple of thousands new for $300 yet can't find a decent 100 plus kilos anvil in barely usable condition for less than new price. Absurd. The junk people buy and have the audacity to call an anvil is incredible. Same with the crappiest forge tools sold for the weight in gold yet only good to nail to the wall.  :Whatonearth:

----------


## PlatypusGardens

> Mark your tools

  Have heard of people taking the case of their tools and engraving the inside. 
Pretty clever if you ask me.
Any marking on the outside can be ground/filed off.   :Wink:

----------


## johnc

> I wish that was the case with Blacksmith tools. I bought a Feins magnetic base drill worth a couple of thousands new for $300 yet can't find a decent 100 plus kilos anvil in barely usable condition for less than new price. Absurd. The junk people buy and have the audacity to call an anvil is incredible. Same with the crappiest forge tools sold for the weight in gold yet only good to nail to the wall.

  I've seen large anvils with the top damaged beyond being usable with price tags of several hundred dollars in junk shops. My anvil is 114lb the old hundredweight, it isn't used often, it is in good condition, I have enough blacksmith gear for a bit of basic sharpening but the forge is fairly crude and I am down to a bucket of coke. My father sold one of those hand wind blower forges for $50 and handed over a half dozen sets of tongs, bit of a bargain for the person who bought it but we had nowhere to store it at the time.

----------


## METRIX

Carpenters Insurance | Carpenter Liability Insurance | Tradesure

----------


## Marc

Metrix, do you get a discount for having a dog on the ute?  :Smilie:

----------


## Marc

> I've seen large anvils with the top damaged beyond being usable with price tags of several hundred dollars in junk shops. My anvil is 114lb the old hundredweight, it isn't used often, it is in good condition, I have enough blacksmith gear for a bit of basic sharpening but the forge is fairly crude and I am down to a bucket of coke. My father sold one of those hand wind blower forges for $50 and handed over a half dozen sets of tongs, bit of a bargain for the person who bought it but we had nowhere to store it at the time.

  There is a popular perception that old anvils are better than new. If you discard the cast iron ASO, New anvil from even average makers like farrier anvils from Queensland are way better than the stuff that is sold with the emphasis on the year of make and 'the mysterious marks on the side' ... 
I have a Kohlswa and two Queenslanders, one of them I had hardened to 54 Rockwell one inch deep but would like a 120 or 150k one possibly two horns. Unless I am very lucky I will have to buy Peddinhaus or Refflinhaus new at around 2k or go for Nimbus from the US and pay way more for shipping. 
On the backburner for now.

----------


## ringtail

Exactly what sort of dentistry are you performing Marc? Anvils, good Lord !

----------


## ringtail

> Have heard of people taking the case of their tools and engraving the inside. 
> Pretty clever if you ask me.
> Any marking on the outside can be ground/filed off.

  That's true but if you mark it, take a photo of the marking then ID becomes obviously easy. A good way is to brand the plastic casing with letter punches. Heat them up with the mappgas and brand away.

----------


## jimfish

> Carpenters Insurance | Carpenter Liability Insurance | Tradesure

  Yeah that was on the shortlist, one of the better prices I found and new for old replacement. Do you have a policy with them Metrix?

----------


## METRIX

> Yeah that was on the shortlist, one of the better prices I found and new for old replacement. Do you have a policy with them Metrix?

  Yes, I have been with them for a few years, give them a call they are very helpful.

----------


## jimfish

Thanks Metrix

----------


## David.Elliott

> I think a good dog is better than insurance anyway.  And if you live in a high crime area, move.

  Aren't you just exporting the problem to another area??? :Sneaktongue:

----------


## UseByDate

> I've seen large anvils with the top damaged beyond being usable with price tags of several hundred dollars in junk shops. My anvil is 114lb the old hundredweight, it isn't used often, it is in good condition, I have enough blacksmith gear for a bit of basic sharpening but the forge is fairly crude and I am down to a bucket of coke. My father sold one of those hand wind blower forges for $50 and handed over a half dozen sets of tongs, bit of a bargain for the person who bought it but we had nowhere to store it at the time.

  It may have been a typo' but 1 cwt = 112 lb not 114 lb
 1 stone = 14 lb
 1 cwt = 8 stone
 1 cwt = 8 x 14 = 112 lb

----------


## johnc

Oops, I meant to type 114, I stand corrected, damn memory aint what it should be!

----------


## ringtail

> Aren't you just exporting the problem to another area???

  Well, no. Only if one is the thief. Otherwise one moves away from the problem.

----------

