Frequently Asked Questions
Covermytools is a specialist Tool Insurance trading arm of Insync Insurance Solutions Ltd., one of the UK’s leading SME insurance providers protecting over 25,000 businesses.
Great American International Insurance (UK) Ltd, authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority (under registration number 202874). They are registered in England at 32 Queen Square, Bristol, BS1 4ND. Company Number 02714031.
Whilst an element of tool insurance can be provided under a business or public liability insurance policy, the cover will typically exclude theft from vehicles or impose onerous requirements that the vehicle must be kept in a locked compound. At Covermytools, our specialist cover has been designed to provide the broadest level of available cover, including complete overnight theft from vehicles and/or locked storage units/outbuildings.
Yes, tools are covered for theft from a motor vehicle (car or van), as long as they are stored out of sight, and the vehicle is locked, with any fitted security measures activated.
Your tools will be covered if they are kept in a securely locked building. This will include storage units, locked outbuildings, business premises, and your home address.
We describe personal tools as powered and non-powered handheld tools of all types used during your business. The tools must belong to you or be held under a hire purchase or lease agreement, for which you are responsible.
We can provide cover for up to £25,000 for all your business tools. A maximum sum insured of £15,000 applies to any one vehicle.
Yes, your sum insured relates to your tools’ total “replacement as new” value and can be split across numerous vehicles, subject to a maximum of £15,000 in a single vehicle.
No, we do not have an inner limit for tools, so you will be covered up to your sum insured for a single item. You should, however, check that your overall sum insured is adequate for your requirements.
You should consider the maximum current value of tools held by your business on a replacement as a new basis. All tools must be registered on the FREE Tool inventory system within 14 days of incepting your policy; this may help determine your total sum insured.
An excess in the amount you need to contribute towards a claim under your policy. The minimum excess is £100. For higher sums insured, a higher minimum excess may apply, which will be shown on your quotation.
Within five working days of incepting your policy, you will be sent your FREE Datatag Security Tagging System and a login to our FREE Tool Inventory Portal. You will need to log all of our tools on the portal within 14 days from the inception of your policy to ensure theft cover continues to apply to your policy.
You should log all tools you wish to insure onto the portal. Any tools valued under £250 individually can be combined under “Miscellaneous Tools”.
Cover under the policy is provided for your business tools only. Cover can be provided for YOUR tools whilst in the custody or control of your employees, but not in relation to the tools owned by your employee.
Sub-contractors or employees using their OWN tools should purchase their own policy.
Policies are arranged on an annual basis and are valid for 12 months. Please refer to the expiry date shown on your policy schedule. We will contact you automatically before your renewal to see if you want to renew your policy.
You can make changes to your policy anytime by visiting the Customer Portal on the CoverMyTools website.
In the event of making an insurance claim, you should visit our Claims reporting page. Claims can also be reported via telephone by calling the CoverMyTools Claims Team on 03300 183441 (local call rate) as soon as possible from the discovery of the incident (or in the event of an incident occurring outside of the United Kingdom, as soon as possible on returning to the United Kingdom).
Please read and follow our claim procedure to ensure your claim is processed with the minimum delay. Failure to observe these procedures may invalidate Your claim. For Theft, loss, and Malicious Damage Claims – you must notify the appropriate local Police authority within 24 hours of discovering the incident and obtain a Crime Reference / Lost Property number and a copy of the Police Crime Report.
In the event of a claim, you will need to provide the original receipt or proof of ownership for the tools you are claiming. If you do not possess or were never issued a receipt for your tools, you will need to provide formal evidence of ownership of your tools.
Evidence of this will be required in case of a claim and is required by us to prevent fraud / the receipt of stolen goods.
You should contact your local police station or the police station where the incident happened. If the incident happens in another Country, then the police station local to where the incident happened in that country.
Due to the Data Protection Act, we require the policyholder to contact us in case of a claim. If you are an employee, you must have the expressed permission of the person(s) who arranged the policy.
Within the first 14 days, you may cancel your policy without reason and receive a full refund provided no claim has been made.
After the 14 days cooling-off period, we require 30 days’ notice. Cancellations must be sent in writing via email. Please quote your policy number and state that you wish to cancel. You can email [email protected] Or write to Covermytools, Insync Insurance Solutions Ltd 9 Albany Park Cabot Lane Poole BH17 7BX.
You will receive a proportionate refund of the annual premium for the remaining months if no claim has been made. Please see your policy document for full terms and conditions. Please note that if you do cancel your policy, your business tools will no longer be covered against any hazards that your policy covers.
We welcome all queries and questions. Please contact us on 0330 1240730 or via email at [email protected]
Frequently Asked Questions
Covermytools is a specialist Tool Insurance trading arm of Insync Insurance Solutions Ltd., one of the UK’s leading SME insurance providers protecting over 25,000 businesses.
Great American International Insurance (UK) Ltd, authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority (under registration number 202874). They are registered in England at 32 Queen Square, Bristol, BS1 4ND. Company Number 02714031.
Whilst an element of tool insurance can be provided under a business or public liability insurance policy, the cover will typically exclude theft from vehicles or impose onerous requirements that the vehicle must be kept in a locked compound. At Covermytools, our specialist cover has been designed to provide the broadest level of available cover, including complete overnight theft from vehicles and/or locked storage units/outbuildings.
Yes, tools are covered for theft from a motor vehicle (car or van), as long as they are stored out of sight, and the vehicle is locked, with any fitted security measures activated.
Your tools will be covered if they are kept in a securely locked building. This will include storage units, locked outbuildings, business premises, and your home address.
We describe personal tools as powered and non-powered handheld tools of all types used during your business. The tools must belong to you or be held under a hire purchase or lease agreement, for which you are responsible.
We can provide cover for up to £25,000 for all your business tools. A maximum sum insured of £15,000 applies to any one vehicle.
Yes, your sum insured relates to your tools’ total “replacement as new” value and can be split across numerous vehicles, subject to a maximum of £15,000 in a single vehicle.
No, we do not have an inner limit for tools, so you will be covered up to your sum insured for a single item. You should, however, check that your overall sum insured is adequate for your requirements.
You should consider the maximum current value of tools held by your business on a replacement as a new basis. All tools must be registered on the FREE Tool inventory system within 14 days of incepting your policy; this may help determine your total sum insured.
An excess in the amount you need to contribute towards a claim under your policy. The minimum excess is £100. For higher sums insured, a higher minimum excess may apply, which will be shown on your quotation.
Within five working days of incepting your policy, you will be sent your FREE Datatag Security Tagging System and a login to our FREE Tool Inventory Portal. You will need to log all of our tools on the portal within 14 days from the inception of your policy to ensure theft cover continues to apply to your policy.
You should log all tools you wish to insure onto the portal. Any tools valued under £250 individually can be combined under “Miscellaneous Tools”.
Cover under the policy is provided for your business tools only. Cover can be provided for YOUR tools whilst in the custody or control of your employees, but not in relation to the tools owned by your employee.
Sub-contractors or employees using their OWN tools should purchase their own policy.
Policies are arranged on an annual basis and are valid for 12 months. Please refer to the expiry date shown on your policy schedule. We will contact you automatically before your renewal to see if you want to renew your policy.
You can make changes to your policy anytime by visiting the Customer Portal on the CoverMyTools website.
In the event of making an insurance claim, you should visit our Claims reporting page. Claims can also be reported via telephone by calling the CoverMyTools Claims Team on 03300 183441 (local call rate) as soon as possible from the discovery of the incident (or in the event of an incident occurring outside of the United Kingdom, as soon as possible on returning to the United Kingdom).
Please read and follow our claim procedure to ensure your claim is processed with the minimum delay. Failure to observe these procedures may invalidate Your claim. For Theft, loss, and Malicious Damage Claims – you must notify the appropriate local Police authority within 24 hours of discovering the incident and obtain a Crime Reference / Lost Property number and a copy of the Police Crime Report.
In the event of a claim, you will need to provide the original receipt or proof of ownership for the tools you are claiming. If you do not possess or were never issued a receipt for your tools, you will need to provide formal evidence of ownership of your tools.
Evidence of this will be required in case of a claim and is required by us to prevent fraud / the receipt of stolen goods.
You should contact your local police station or the police station where the incident happened. If the incident happens in another Country, then the police station local to where the incident happened in that country.
Due to the Data Protection Act, we require the policyholder to contact us in case of a claim. If you are an employee, you must have the expressed permission of the person(s) who arranged the policy.
Within the first 14 days, you may cancel your policy without reason and receive a full refund provided no claim has been made.
After the 14 days cooling-off period, we require 30 days’ notice. Cancellations must be sent in writing via email. Please quote your policy number and state that you wish to cancel. You can email [email protected] Or write to Covermytools, Insync Insurance Solutions Ltd 9 Albany Park Cabot Lane Poole BH17 7BX.
You will receive a proportionate refund of the annual premium for the remaining months if no claim has been made. Please see your policy document for full terms and conditions. Please note that if you do cancel your policy, your business tools will no longer be covered against any hazards that your policy covers.
We welcome all queries and questions. Please contact us on 0330 1240730 or via email at [email protected]