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
A builder’s van was parked on the street overnight when the lock was forced and a number of expensive tools taken, including a drop saw and Ramset gun.
LOCK BOX FORCED
A lock box containing the keys to a property was forced, and among other things the thieves took tools & equipment that had been stored on site.
LASER LEVEL DAMAGED
An employee dropped an expensive laser level and damaged it.

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.

Get a Quote For Your Tools