Anyone carry it? One of my customers had a shop burn flat over the weekend and a mechanic who has worked there almost 30 years lost everything. Multiple toolboxes full of stuff and cabinets full of odds and ends. I’d guess $40k plus. He had no insurance on his tools. At this point the best he can hope is that his employer steps up and helps him out. Really got me thinking. My truck is insured but my tools are not and I think I’ll be looking into it.
It would be a good ideal. I tryed to at the first shop i worked at back in the 80s but couldnt find some one to insure my stuff.
Check with your homeowners insurance, they might be able to cover your tools. If you have the money, you can find insurance.
It's called an Inland Marine Contractors equipment policy. I have had this rider on my GL policy since I've owned businesses over the last 25 years. The coverage is cheap considering commercial auto and GL. Mike I highly suggest you ask your insurance agent about it and take it out if possible. Back in the mid 2000's I was hit by a bunch of vandals and thieves that broke into the tool trailer and stole the chest of Wright tools, the engine off our hydroseeder, emptied a fire extinguisher into the dump truck's fuel tank among other nefarious things - I was ready to dig a deep hole and send some lead at high velocity but our Inland Marine policy paid us $15K to make it right.
There was a company out of New Jersey that I spoke with a while back and $50k was like $10/mo otherwise all the insurance companies said it would be under your general policy with whatever your deductible was
years ago I new nothing about insurance . But after loosing all in fire I learned a lot . Most importantly coming from a owner employee tools are hard to insure because owner has no control over them. So if you work somewhere an they say you insurance unless you have copy of policy in your hand and read it ( make sure you read fine print there might be 100000 coverage but it my be split between all employees) You most likely don’t have coverage not that your boss lied to you he probably doesn’t understand it good . I was able to make it work for employees with parts in coverage for property of others an rest out of company pocket. Not that I am a expert but I went though long expensive school of hard knocks on this one !!!
I think Mike L is a licensed business, and as such, I don't think his homeowners is going to cover his business tools. But he can easily fall under a inland marine like CM1995 suggests. I think my tools at my shop are covered up to 50k.
If you purchased the tools and listed them as company assets, your home owners will only give you their sympathy. My work trailer was stolen out of my yard years ago so I have experienced that. If you are an employee and your tools are located in your employer's shop building, depending on state laws the employer may be on the hook for the loss. That is if you have a list of tools on file when you became an employee. I have been told a garage or automotive shop policy will cover most all the risks, like fire, theft and such. I would think there might be exclusions though, earthquake, flooding, riot, insurrection or war. I have worked at a company in the past where a field mechanic had all the tools stolen out of his truck and the company reimbursed him. Shortly after, there was a requirement for submitting a tool list. Inland Marine is usually the term used for covering things in transit and/or special items like jewelry, fine art, fire arms and such that cannot be covered under a standard home owner policy. That would be a separate policy added to a home owner policy and those items would be scheduled. If you wish to get that stuff covered, make sure you get a senior agent or broker and read the policy very carefully as there will be conditions imposed and specific provisions as to what they will pay and what you will be required to do to get payed. Read the definitions very carefully, especially the term "mysterious disappearance."
My contractors general liability policy has coverage for both shop and truck tools.
I was talking to a guy that worked at a IH case dealer shop. They got broke into the only tools they got were his because they were close to the door. He had alot of so so tools. He made a list of the tools he had but didnt think about what kind they were the companys insurance told him to call a tool truck and replace what he had so he had every thing snapon. They got broke in agin i dont remember just what happen but after that he had a even better tool box.
Do you have to itemize every tool for the insurance company or do they typically just ask for a total value for all tools and call it good?
My insurance company asks what amount I want covered for. No itemized list. I have pictures because my memory isn't great. I only get what I'm covered for in event of a loss, if I'm underinsured its on me. I've never asked about employee owned tools, because I've always supplied all the tools.
Never tell your insurance company you are underinsured. Typically, you are required to carry insurance on at least 80% of the value of the insured item. But lets say you have $10,000 in tools, and you insure them for $10,000. Well, during the next few years you add $3,000 worth of tools. You have good records, so you know what you have. You lose the tools. Your insurance company asks for a list, so you give them one. Prices have gone up, as well, so you come up with $14,000 of loss. The insurance company says you are only insured for 71% of the value, so you are classed as a co-insurer of 29%. Your policy is for $10,000, you co-insured 29%, so the insurance company pays you $7100. Has you submitted a list showing $10,000 in losses, you would have received a check for $10,000.
That's why you read your policy! There might also be a clause in the "what we will pay section" that mentions how they will pay for used stuff. Do they pay replacement cost less depreciation? Do they pay directly of reimburse your expenses?
My policy is for replacement value up to $10,000. Using replacement value I would exceed it very quickly in a fire. More difficult in a theft as a lot of these tools are very heavy. Could probably get close in a half hour picking and choosing all the Snappys and leaving heavy or low value tools.
i checked into it about 30 years ago and it was very expensive. i also had to have a complete inventoried list as well as a copy of the original purchase invoice for each tool. at that time, it wasn't worth the hassle. when we relocate in the next couple of years i will probably check into it again because of the shop equipment value as well as some of the specialized hand tools
Start out with HF, no one steals it, not worth the hassle of insuring and brings more at auctions than it cost new.
the best thing I ever found at horrible freight was the exit!
I do like their wire brushes.
John we just renewed our $55K per year bundle of commercial auto/equipment, GL and WC. Our GL policy includes an Inland Marine policy covering our small hand and power tools was included. I have always had a commercial Inland Marine policy which has paid off in the past. Maybe an Inland Marine policy is something different out west but here in the Southeast it covers a blanket of small items in a commercial policy. Inland Marine is pretty cheap and should be an available rider on most commercial auto/equipment policies. The smallest item we list on our scheduled equipment is our trench rollers, all other smaller equipment/tools is covered under our Inland Marine which is capped at $15K per occurrence. Our deductible is $1,000 so if a rescue saw gets stolen for example there would be no reason to file it. However if they stole one our job boxes with gas air comp, generator, rescue saw, etc that would be a claim.
All my cranes except one that is on a mack truck carrier, are covered under what says "Inland Marine". The mobile cranes don't have titles, no license plates, and don't fall under my vehicle policy. It says inland marine on my insurance paperwork - which always makes the boys with the fancy lights on their cars look at my paperwork funny, when they want to see my license, oversize permits, and insurance. "What's Inland Marine?" I'm no insurance agent or broker, I hope they sell me what I need, and I hope they know what they are doing. I don't know what section my tools are actually under in my insurance policy, if its a portion of my general or if its under the inland marine portion, but it is a separate category. It may be part of my building insurance. I recall having to come up with a figure for rigging and tools value, and I spitballed a number. I ain't counting every choker and shackle I own.
How do you get by with no titles or license plates on the mobile cranes? MO state rules? Commercial auto is killing me. It's more than our GL..
The custom carrier cranes have no titles, in Mo, no title = no plates. Its no different than driving a rubber tired backhoe down the road. Well, its a little different, but its legally like that. Some states require plates, and then they have some kind of titling process (I bought a crane from Tennessee and it came with plates). Interestingly, my boom dolly for my 100 ton has plates, its a "trailer". But the crane doesn't. In MDOT speak, a crane is "Special mobile equipment" and sometimes "self propelled specialized equipment".
That's sounds pretty good. I think it is what people out here see as well. I was just giving examples of where people other than us might see the term.
Ru an independent.. so I would “think” it would/wouldn’t be covered on your vehicle ins.?? A simple call to your insurance company would/wouldn’t put u at ease.. The company I worked for had everyone sign a paper “leasing” everyone’s tools, that way it was covered under their policy.. Only pain in the ax being, u had to turn in an exact list.. Only 1 DIRTBAG ever made a claim against the company.. saying his tools were stolen out of HIS COMPANY TRUCK.. HE WAS IN POSSESSION OF THE TRUCK.. AND NO BROKEN WINDOWS.. & by the grace of God, they miraculously reappeared after the 5 figure check had been cut. Anybody wanna take a bet weather or not he turned the check back in.?? (DirtBag)
Had the Inland Marine rider against my homeowners back in the 80s, was pretty expensive back then but paid off when my service truck got broken into, just had to document with a police report and they paid off as kept a listed inventory. Rate did raise after that. Current status is Homeowners policy against Farm Use, I can even turn in damaged tools for reimbursement LESS deductible but have yet to use it.
My company had us turn in inventories. They claim we would be covered if someone broke into the shop.
Now that’s a tool box! One place I worked offered a quarterly tool allowance but we had to have a completed tool inventory. Every socket, every screwdriver, everything. Part numbers included. It took me days to complete it and that was years ago. I always wondered why more places didn’t offer a tool allowance. Especially with the massive mechanic shortage we have.
On a project probably 20 years ago a scumbag broke into the jobsite and targeted certain boxes of different subcontractors. Only the boxes with high dollar stuff got hit except for one contractor. One of our gang boxes was cut open with a torch and nothing was missing. By luck we had moved the box full of specialized Stainless Steel working tools to the roof before we went home on Friday. We had set a empty box there for the incoming ground floor crew to use the following Monday. Pretty certain we knew whom it was, as a sub had laid off a spiteful employee a few days earlier. That sub experienced every box cut open and other project equipment and supplies was damaged beyond use. Police never found any evidence so nothing ever came out of it.
My stuff doesn't have a lot of cash value. All old and well depreciated. As a collection it's a slightly different matter and would be time consuming to replicate even in it's simplicity. I done it after a fire. Salvaged enough to make do. Times have changed. So much has became rather generic, the cheap stuff got so much better that there is not much a real reason to use economical tools instill the need proves otherwise and so much better return on investment and so much less risk to loss.
My stuff doesn't have a lot of cash value. All old and well depreciated. As a collection it's a slightly different matter and would be time consuming to replicate even in it's simplicity. I done it after a fire. Salvaged enough to make do. Times have changed. So much has became rather generic, the cheap stuff got so much better that there is not much a real reason to use economical tools instill the need proves otherwise and so much better return on investment and so much less risk to loss. We buy a few tools at the box stores, Wal-Mart for a few and HF for a few but we really don't need much anymore. But it takes a lot of stress out of it and near painless to replace/add a couple dozen screwdrivers and utility knives. The half a dozen 9 side cutters no worse than the worn out hi dollar ones I have.
My stuff doesn't have a lot of cash value. All old and well depreciated. As a collection it's a slightly different matter and would be time consuming to replicate even in it's simplicity. I done it after a fire. Salvaged enough to make do. Times have changed. So much has became rather generic, the cheap stuff got so much better that there is not much a real reason to use economical tools instill the need proves otherwise and so much better return on investment and so much less risk to loss. We buy a few tools at the box stores, Wal-Mart for a few and HF for a few but we really don't need much anymore. But it takes a lot of stress out of it and near painless to replace/add a couple dozen screwdrivers and utility knives. The half a dozen 9 side cutters no worse than the worn out hi dollar ones I have.
My stuff doesn't have a lot of cash value. All old and well depreciated. As a collection it's a slightly different matter and would be time consuming to replicate even in it's simplicity. I done it after a fire. Salvaged enough to make do. Times have changed. So much has became rather generic, the cheap stuff got so much better that there is not much a real reason to use economical tools instill the need proves otherwise and so much better return on investment and so much less risk to loss. We buy a few tools at the box stores, Wal-Mart for a few and HF for a few but we really don't need much anymore. But it takes a lot of stress out of it and near painless to replace/add a couple dozen screwdrivers and utility knives. The half a dozen 9 side cutters no worse than the worn out hi dollar ones I have.
My stuff doesn't have a lot of cash value. All old and well depreciated. As a collection it's a slightly different matter and would be time consuming to replicate even in it's simplicity. I done it after a fire. Salvaged enough to make do. Times have changed. So much has became rather generic, the cheap stuff got so much better that there is not much a real reason to use economical tools instill the need proves otherwise and so much better return on investment and so much less risk to loss. We buy a few tools at the box stores, Wal-Mart for a few and HF for a few but we really don't need much anymore. But it takes a lot of stress out of it and near painless to replace/add a couple dozen screwdrivers and utility knives. The half a dozen 9 side cutters no worse than the worn out hi dollar ones I have.
My stuff doesn't have a lot of cash value. All old and well depreciated. As a collection it's a slightly different matter and would be time consuming to replicate even in it's simplicity. I done it after a fire. Salvaged enough to make do. Times have changed. So much has became rather generic, the cheap stuff got so much better that there is not much a real reason to use economical tools instill the need proves otherwise and so much better return on investment and so much less risk to loss. We buy a few tools at the box stores, Wal-Mart for a few and HF for a few but we really don't need much anymore. But it takes a lot of stress out of it and near painless to replace/add a couple dozen screwdrivers and utility knives. The half a dozen 9 side cutters no worse than the worn out hi dollar ones I have.
My stuff doesn't have a lot of cash value. All old and well depreciated. As a collection it's a slightly different matter and would be time consuming to replicate even in it's simplicity. I done it after a fire. Salvaged enough to make do. Times have changed. So much has became rather generic, the cheap stuff got so much better that there is not much a real reason to use economical tools instill the need proves otherwise and so much better return on investment and so much less risk to loss. We buy a few tools at the box stores, Wal-Mart for a few and HF for a few but we really don't need much anymore. But it takes a lot of stress out of it and near painless to replace/add a couple dozen screwdrivers and utility knives. The half a dozen 9 side cutters no worse than the worn out hi dollar ones I have.
Marker
If a guy had to collect tools today could do it good at a fraction ofwhat it did when we started. Seems a Klein screwdriver was 5 or 6$ 80's and 90's, they were not cheap. Bought a couple 3 to test from HF and like the new girls every one wants to try it and they so good we bought 2 dozen more. For 1.69 in 2021 its unreal and like them as good or better than any I ever used. How does a guy insure a set of metric socket driven bits he bought 21 yrs ago on a Sunday for 13$ and did a hundred brake jobs with and a couple hundred other misc jobs with? One of my first Torx sets I went to the store and charged to the guy I was working for, was 14$ from Tiawan and super tuff, I finally lost or stolen it, dont exactly know and missed it as much as any tool like that I owned even though the cash value was moot. I got a China 3/8 combo I carry in my road stuff and beat it on a bleader with 20oz nail hammer. I overpaid retail at TSC but tuff and reliable as any good tool. If I was buying lots of new today would not even mess with top brand name, look for as much decent looking generic and good used, might even make money on a claim.
I lost a tool belt from a truck when I was working for someone else. Minor, a handful of items over the years, really minor in grand scheme. Few hundred dollars. You would need to haul a pretty good pile away to get any real cash. I got about 2 dozen Snap pieces ifn you could find them, its nice stuff but not a collection per sa. Would need to be sorted in to some kind of sets but collection of Sears as a base and random and import for the rest and lot of the dupe with a few Vise Grip and Channelock 440 tossed in with some C clamps.
I can open a drawer if I need to, I threaten to get a new General box for this, should simply oil it up maybe. Was old when I got it. I give 75$ in 94 when I needed it.
I spent 200 maybe 3 and made it a couple gifts to replace worn broke stuff, its really so minor not worth the insurance and never have had a theft claim, only 1 fire loss and a lot actually survived that. Year before a couple pair of snips and a 50$ battery drill. I think one of the 15$ items I add this year I simply did not have and should is 1/2 impact wobble extensions. I aint gotta use that stuff on every bolt I own but so handy and so painless at that price, pay for itself in a single event. So much better than swivels if it can be done. Untill proven otherwise the truck guy the bank and the insurance man along with the sales tax collector can kee them and I be more than happy to walk out of HF feeling like I stole them.
A bud fixed up an older truck a while back, its ok and like he said, the bank aint riding with me. I understand older guys with older tools and a few newer we might have paid a lot of money for but lots of it wouldnt do it again if I had to replace it tomorrow to get back to work. Nothing is as efficient as collect as needed vs speculative buying to some extent. I reached a point after a couple auctions to let good deal stuff go I didnt have an immediate need for. I need 3/4 when I do but dont need to backup backup and dupe every piece. I reduce the risk of it being targeted for theft due to the fact its not valuable as a cash concern. We hate to lose it but its not worth real tracking or accounting.