Tools & Mobile Assets
Protect your ability to earn an income by insuring your tools and equipment from loss or damage.
Assets Covered
Tools & Equipment
Including power tools, lasers, scaffolding, generators and other mobile assets
Stock & Materials
Insure materials not covered by contract works insurance, including customers goods
Office Equipment & Electronic Devices
Such as mobile phones, tablets, computers, monitors, laptops and printers
Portable Buildings
Insure your site sheds, mobile offices, cabins and toilets
What Is It?
Builtin’s tools insurance is ideal for individuals or construction businesses that want to cover the cost of their tools & equipment if they’re stolen or damaged.
Definition
The policy covers sudden and accidental loss to insured property occurring anywhere in New Zealand. This includes from theft, burglary and natural disaster.
Explainer Video
This short video explains the key points of tools insurance.
Speak to an Adviser:
0800 284 584
Claim Examples
VAN BROKEN INTO
LOCK BOX FORCED
LASER LEVEL DAMAGED
Policy Key Facts
This is meant as a summary of the most important items in the policy. For a complete understanding of what it does and doesn’t cover you should always read the full policy wording.
WHAT'S COVERED
- trade tools, equipment and light machinery
- office equipment and electronic devices
- stock and materials and customers’ goods (these must be included in the sum insured)
Covered for:
- replacement value cover regardless of age, so you can buy new for old (except customers’ goods, which are at indemnity value)
- accidental damage
- burglary and theft (including limited theft from vehicles)
WHAT'S NOT COVERED
- trailers (these must be insured under a commercial vehicle policy)
- mechanical breakdown
- plant and/or machinery working underground
- damage that the supplier or manufacturer is responsible for
- loss or damage by willful act or willful negligence
- theft by an employee
- unexplained disappearance
OTHER THINGS YOU SHOULD KNOW
- 500 standard excess
- $1,000 burglary (forced entry) excess
- $1,500 theft (no forced entry) excess
- theft from vehicles is covered when parked at site only
- if your tools are stored in a locked Armorgard security box the burglary excess reduces to $500
- there is a single excess for vehicle & tools claims (as long as both policies are with NZI and the claims arise from a single event)
- you must insure the replacement value of all your tools & equipment
- you need to have proof of ownership of the items being claimed (eg. receipts, an asset register, photos)
Builtin’s Added Benefits
Builtin have negotiated a set of preferential terms and benefits for our clients. These are in addition to the standard policy wording.
EMPLOYEE TOOLS
Insuring your workers’ tools is a great added benefit that many appreciate. Our policy automatically covers them up to $10,000 per employee per event. The value of employees tools must be included in the policy sum insured.
THEFT FROM UNLOCKED VEHICLES
Most policies won’t cover theft from an unlocked vehicle. With Builtin’ policy your tools are covered when the vehicle is parked at the work site.
NEW FOR OLD REPLACEMENT
Builtin’s policy pays to replace your damaged or stolen items with the equivalent brand new version, regardless of their age.
LOW BURGLARY EXCESS
If you have installed an Armorgard or Tool Vault high security lock box the standard policy excess for burglary is reduced from $1,000 to $500. Builtin customers get a discount on Armorgard purchases.
SINGLE EXCESS FOR VEHICLE & TOOLS CLAIMS
You will only pay one excess for a single event that causes damage or loss to both your tools and vehicle when they are both insured through Builtin’s scheme. This does not apply to natural disaster damage and the highest excess will apply.
How Much Does It Cost?
Tools theft is rife in New Zealand. The cost of having to replace your tools if they’re stolen could easily run into thousands of dollars. Not to mention the lost income while you wait to replace them. Compared to this, tools insurance is a great investment, with premiums starting from $400.
Terms & Conditions
View our current policy wording. Existing policyholders may be on a previous version. Specific endorsements to this wording will be individually noted on your policy schedule. In some cases we may recommend an alternative insurer, if so we’ll send you their policy terms & conditions.