Builtin’s tools insurance is ideal for trade businesses that want to cover the cost of their tools & equipment if they’re stolen or damaged.

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.

HOW MUCH DOES IT COST?

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 if you’re unable to work while you’re without them. Compared to this, tools insurance is a good investment in managing your risk.

POLICY KEY FACTS

This is meant as a summary of the most important items of 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 Van Vault 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

POLICY TERMS & CONDITIONS

 For policies quoted and renewed after 7th September 2021: Mobile-Business-Assets-Policy-Wording-NZI-ARC-1114.pdf

Previous version: Builtin_Tools_Policy_Wording_EN011_1104_23.01.18.pdf