FREQUENTLY ASKED QUESTIONS

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 protecting over 25,000 businesses.

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.

Why do I need Specialist Tool Cover? 

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 widest level of available cover, including full overnight theft from vehicles and/or locked storage units/outbuildings. 

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.

Are my tools covered whilst in storage or locked building? 

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.

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.

How much can I insure my Tools for? 

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.

Does it cover tools in multiple vans? 

Yes, your sum insured relates to the total “replacement as new” value of your tools and can be split across numerous vehicles, subject to a maximum of £15,000 in a single-vehicle. 

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. 

What limit of cover do I need? 

You should consider the maximum current value of tools held by your business on a replacement as new basis.  All tools need to be registered on the FREE Tool inventory system with 14 days of incepting your policy, this may help in determining your full sum insured.

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 £100. For higher sums insured a higher minimum excess may apply and this will be shown on your quotation.

What is the Datatag CovermyTools Inventory Portal? 

With 5 working days of incepting your policy you will be sent your FREE Datatag Security Tagging System, together with a login to our FREE Tool Inventory Portal. You will need to log all of our tools on the portal with 14 days on the inception of your policy to ensure theft cover continues to apply to your policy.

Do I need to log ALL tools onto the portal? 

You should log all tools you wish to insure onto the portal.  Any tools valued under £250 individually can be bulked together under “Miscellaneous Tools”.

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 the tools owned by your employee. 

What about subcontractors? 

Sub-contractors or employees using their OWN tools should purchase their own policy.

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.

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.

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 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.

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 a claim and is required by us to prevent fraud / the receipt of stolen goods.

How can I report a 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.

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.

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. 

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 This email address is being protected from spambots. You need JavaScript enabled to view it. Or write to: Covermytools, Insync Insurance Solutions Ltd 9 Albany Park Cabot Lane Poole BH17 7BX. 

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. 

How do I make a complaint or raise a general query? 

We welcome all queries and questions. Please contact us on 0330 1240730 or via email This email address is being protected from spambots. You need JavaScript enabled to view it.

9 Albany Park, Cabot Lane,
Poole, Dorset, BH17 7BX

t. +44 (0)330 1240730

e. This email address is being protected from spambots. You need JavaScript enabled to view it.

© Insync Insurance Solutions Ltd 2019 All rights reserved. Covermytools is a trading style of Insync Insurance Solutions Ltd which is authorised & regulated by the Financial Conduct Authority where our reference number is 766691. Our registered office is Midland House, 2 Poole Road, Bournemouth, Dorset BH2 5QY and we are registered in England under company number 08810662. Should you have cause to complain, and you are not satisfied with our response to your complaint, you may be able to refer it to the Financial Ombudsman Service, which can be contacted as follows: The Financial Ombudsman Service Exchange Tower, London, E14 9SR | Tel: 0800 023 4567 or 0300 123 9 123 | www.financial-ombudsman.org.uk | Terms of Business | Privacy Policy

*In the event of a theft from a vehicle, excess will be doubled
** Maximum of £15,000 per individual vehicle applies
***One free Datatag system is provided for sums insured up to £10,000 & Two packs for £10,000 and over
****All tools MUST be added to the portal within 14 days of incepting cover to ensure Theft cover remains in place. Tools valued under £250 individually can be bundled together as “Miscellaneous Tools” if required.