Tools Cover

In Owner Builder Latest News by G G

Hand Tools Now Included in Policy

Effective December 2012, Owner Builder tools are now Included in the Policy Schedule. Included and at no extra premium is $2,000 tool cover. Additional cover is available.
Owner Builders may require assistance and clarification regarding definitions of ‘tools’.
Policy wordings for on site tools cover is as follows:
Any tools owned by the insured (the Owner Builder) or in your (the Owner Builder’s) care, custody or control, other than hand tools (broadly electric hand tools and applicances)
AOBIS Policy is extended to include the following cover:
We will indemnify you for loss or damage to hand tools that you suffer as the result of theft following ‘forcible and violent’ entry, provided that
  1. You own the hand tools or they are in your care, custody or control
  2. Hand tools are stolen from the construction site;
  3. Hand tools are stored from a securely locked structure when unattended;
  4. And no other Policy of insurance provides cover for the hand tools.
AOBIS will not cover any consequential loss resulting from or in any way connected with loss or damage to hand tools.The most we will pay for any one item is $2,000, and for all claims as the result of any one incident is $10,000.
An Excess will apply to each and every claim made for loss or damage.