Q. Who is Covermytools?
Covermytools is a specialist Tool Insurance trading arm of Insync Insurance Solutions Ltd., one of the UK’s leading SME insurance providers.
Q. Who is Great American International Insurance (UK) Ltd?
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.
Q. Why do I need Specialist Tool Cover?
Whilst an element of tool insurance can be provided under a business or public liability insurance policy, 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 widest level of available cover, including full overnight theft from vehicles and/or locked storage units / outbuildings.
Q. What is your definition of Personal Tools?
We describe personal tools as powered and non-powered handheld tools of all types used in the course of your business. The tools must belong to you, or be held under a hire purchase, or lease agreement, for which you are responsible.
Q. How much can I insure my Tools for?
We can provide cover for up to £10,000 per insured person noted under your policy.
Q. Is there a limit for a single item?
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.
Q. What limit of cover do I need?
You should consider the maximum current value of tools held by you (or any insured person) at any time when deciding on your cover limit. For example, if you and your business partner both have £5,000 worth of tools, you can select a £5,000 limit and 2 persons to be insured.
Q. Do I have to pay an excess?
An excess in the amount you need to contribute towards a claim under your policy. The minimum excess is £50 (or £100 for losses from vehicles). For sums insured above £5,000 there is a minimum excess of £250 for all losses and £500 for losses from vehicles.
Q. Can you cover Employees 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 their own personal tools.
Q. Do you cover tools whilst stored in a motor vehicle?
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.
Q. Are my tools covered whilst in storage or in locked building?
Absolutely, as long as your tools are kept in a securely locked building they will be covered. This will include storage units, locked outbuildings, business premises and/or your home address.
Q. When does my insurance policy end?
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 in advance of your renewal to see if you would like to renew your policy.
Q. How do I make changes to my policy?
You can make changes to your policy at any time by visiting the Customer Portal on the covermytools website.
Q. How do I make an insurance claim?
In the event of making an insurance claim, you should visit our claims reporting portal: https://covermytools.co.uk/make-a-claim. Claims can also be reported via telephone by calling the Covermytools Claims Team on 03300 183441 (local call rate) as soon as possible from 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.
Q. Can I spend more than the claims settlement voucher?
Absolutely, should you want to purchase additional tools whilst replacing your lost items, you can simply add these to your order and pay the difference.
Q. Do I need to supply a receipt if I make a claim?
In the event of a claim you will need to provide the original receipt or provide proof of ownership for the tools for which you are claiming. If you do not possess, or were never issued with a receipt for your tools, you will need to provide formal evidence of ownership of your tools.
Evidence of this will be required in the event of claim and is required by us to prevent fraud / the receipt of stolen goods.
Q. How can I report theft or malicious damage to the police?
You should either contact your local police station or the police station local to where the incident happened. If the incident happens in another Country, then the police station local to where the incident happened in that country.
Q. Can someone make a claim on my behalf?
Due to the Data Protection Act, we require the policyholder to contact us in the event of a claim. If you are an employee, you must have the expressed permission of the person(s) who arranged the policy.
Q. How do I cancel my policy?
Within the first 14 days you may cancel your policy at any time without reason and receive a full refund provided no claim has been made.
Provided no claim has been made you will receive a proportionate refund of the annual premium for the remaining months. 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.
Q. How do I make a complaint or raise a general query?
9 Albany Park, Cabot Lane, Poole, Dorset, BH17 7BX
t. +44 (0)330 1240730