Replies

1. 
   Guest_ | Sep 04, 1999 02:28am | #1

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   thedge,

   I have been fortunate enough not to have any of my tools stolen, but when I bought my house a few years back, I consolidated all of my policies with one company. I was able to get additional riders for my wife's jewelry, and some firearms. I asked my agent about the tools, and he told me that if the equipment was stolen from my home or truck, the homeowners would cover it. He told me I would be SOL if they were stolen from the job. I didn't bother to take it any further than that.

   My agent could be feeding me a line of S#%!, but in any case read the fine print of your policy. Unfortunately, insurance companies are in it for the profits, not to pay claims. I bet there is a "comercial policy" out there that someone would love to sell you, then double your premiums once you make a claim!

   Hope you don't mind my insurance rant.

   Good luck,

   Greg

   PS. Get the dog anyway. You can sick him on the next insurance agent!

1. 
   Guest_ | Sep 04, 1999 03:17am | #2

   *I don't know what the laws are in your state, but here in WA we are required to carry liability insurance to be liscenced as contractors. Under the same policy we have coverage on two trucks, all my tools where ever they are stolen and my shop. We have way more than the required minimums because we have way more to lose than those amounts. We also have a 1,000,000 liability umbrella over our (6) autos, homeowners and the business. We carry a high deductible and just think of it as "catastrophy" insurance. We know our agent personally, trust him, and every year we review changing needs. For this we pay 165.00 per month. Seems reasonable to me. - jb

1. 
   Guest_ | Sep 04, 1999 04:17am | #3

   *Around here we carry insurance for tool theft called Inland Marine,that I got through State Farm, in addition to my contractor policy. For about 250 bucks a year it covers all my tools and I got mine to cover the new cost of the tool. It gives a little piece of mind and has saved me a coupla times. Sometimes when my tools are getting wore out,I even find myself wishing someone would steal them. :-)

1. 
   Guest_ | Sep 04, 1999 04:44am | #4

   *I had a buddy, a cabinetmaker, had all his tools stolen out of the van. He knew he had 20K coverage, so he wasn't worried. except (wait for it): he was covered for 3,500 in tools, and 17,500 in office equipment.He had no office equipent; he had a shop, and he used to have a van full of tools. The agent set it up that way. basically closed his business down. I'm back and forth between shop and site: I figure a million in liability, plus coverage for all tools , vehicles, work in progress, clients pieces, etc. is basic. I probably need to add some on now, as I add tools and stuff. Cheap at $101.00 a month.

1. 
   Guest_ | Sep 04, 1999 06:02am | #5

   *Yeh, that IS cheap, and, ah, if that is in Canadian...George, what's that worth in real money? - jb

2. 
   Ken_fisher | Sep 06, 1999 02:24am | #6

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   Barry:

   Good One! I feel that way with my tools..getting worn out and I pay about $56 per year for their safety. I need an entire new power tool line...LOL

3. 
   Guest_ | Sep 06, 1999 03:25am | #7

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   Have had 2 mil liability and 20,000 tool floater for 12 years now. Never regretted it. The Insurance company has a complete list of all the tools and serial numbers updated yearly. Best to cover your tail.

1. 
   Guest_ | Sep 06, 1999 07:31am | #8

   *Who's writing these tool thieft policies for contractors? I can't find anyone who will write one. My insurance man just laughed when I asked him about it. I did change GL carriers just a few months ago. It has a tool loss clause for up to $2500. I don't know about you, but $2500 is a drop in the bucket when you have to replace serious tools.Ed. Williams

1. 
   Guest_ | Sep 06, 1999 07:49am | #10

   *Hey Ed - Do you guys have "Farmers Insurance" agents down there? I think they are a little high, but our agent really takes care of us. Check them out. - jb

4. 
   Thedge_ | Sep 06, 1999 07:49am | #9

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   It was bound to happen eventually. Some(%#@&!) just walked off w/ my Emglo. After talking to the agent who has my homeowners & auto I find neither cover commerical equipment. So who covers this? Is it cost effective? Or is it better to get a mean dog?