WHAT IS TOOLS IN TRANSIT Cover?
Tools in Transit Cover is perfect for tradespeople who regularly carry their tools in their vehicle and rely on their tools to earn an income. This insurance will cover the cost of repair or replacement of tools if they are damaged or stolen whilst being loaded or unloaded, carried or stored in your vehicle.
WHAT SPECIFICALLY DOES THE POLICY COVER?
Rhino’s Tools in Transit Cover protects you in the event your tools are stolen or damaged whilst they are in your vehicle. More specifically, the policy covers portable tools, tools kits, or testing equipment that relates to your trade, which is owned or hired by you.
Your tools will be covered from the point that they are lifted by you or an employee immediately prior to loading up until the point it is placed in position by you at a destination, including loading or unloading.
If your tools are stolen or damaged, the Policy will cover the cost of replacing the tools or at the insurer’s discretion, they may look to reimburse you an amount equivalent to the cash value of the tools at the time of the incident.
HOW MANY VEHICLES DOES THE POLICY COVER?
The Policy works on a per vehicle basis, so if you carry tools in more than one vehicle, you will need to add this vehicle onto your insurance policy.
WHAT CONDITIONS APPLY TO THE INSURANCE?
There are some important conditions that you need to adhere to, and we recommend that you read the full Policy Wording prior to purchasing this insurance policy. In particular:
- When you leave your tools in your vehicle and the vehicle is unattended, it is important that the tools are concealed and securely locked in a boot, cargo hold or other locked internal compartment, and that all windows and doors have been securely fastened and keys removed and any additional security measures implemented (e.g. anti-hitching devices).
- You need to be able to evidence forcible and violent entry to the vehicle in the event the tools are stolen. You will also need to provide the crime reference number that is associated with the incident.
- When you park the vehicle overnight, you need to make sure it is either parked in a secure area locked by a garage or gate, on your off road driveway, or on the same street as and clearly visible from the property that you or your employee are residing in overnight.
ARE THERE ANY SITUATIONS THAT ARE EXCLUDED?
As with any insurance Policy there are some exclusions and we recommend that you read the full Policy Wording prior to purchasing this cover. Some of the key exclusions include claims arising from:
- Theft or attempted theft where you have left your vehicle for more than 48 hours unattended (or without checking it).
- Theft of laptops, mobile phones or any other mobile communication equipment, as these are not classed as tools in the eye of the insurer.
- Theft of any money, securities or jewellery, or anything other than your tools.
- Any expense incurred from not being able to use the tools in transit.
- Damage to tools whilst being towed on its own wheels or driven under its own power.
WHAT IS THE MAXIMUM AMOUNT THE POLICY WILL PAY OUT?
You can purchase cover for a limit of £500 up to £7,500, so you can choose an amount that will be sufficient to cover the value of your tools.
Please note that Rhino’s Tools in Transit Cover does consider the depreciation of the tools as they age. Under this Policy, the tools depreciate by 10% of the initial purchase value per year, for up to 5 years. For example, if you purchased a tool for £1000 two years ago, you would receive £800 from this insurance policy. If you bought that same tool 6 years ago, the depreciation would have capped at 50%, so you would receive £500 if you made a claim.
WHAT IS THE EXCESS ON THE POLICY?
Each claim will have an excess applied of £100.
WHAT ARE THE PAYMENT TERMS?
You can choose to pay in one annual payment, starting at £56.86, or you can pay via a monthly direct debit payment, which starts at £4.74 per month.
Please note, Rhino’s Tools in Transit Cover must be purchased alongside a Public Liability Insurance policy, and cannot be offered as a standalone product.
