Theft of Tools
CLAIMS GUIDE
Theft Of Tools | Master Builders Insurance Brokers
If your tools are stolen, proof of ownership is vital for a quick resolution and ensuring you obtain adequate claim compensation. Your proof of ownership process should start the moment a tool is purchased, not the moment you discover a theft.
Depending on your policy and your insurer, the amount of depreciation that will be applied to your tools can vary. This amount is then deducted from a settlement offered by your insurer. By providing proof of ownership by way of reciepts, photos and/or asset register, to confirm age and condition, you’re helping to minimise the amount of depreciation applied to your claim.
What do I need to do?
If your tools have been stolen:
- Take photos of the forced entry (e.g. cut fences or locks, a broken toolbox, a damaged canopy). If there is any malicious damage, ensure that you take photos of that malicious damage as well.
- Contact your local police station to lodge a report. Obtain a police/crime report number.
- Contact your broker at Master Builders Insurance Brokers (MBIB) on 1800 150 888 as soon as possible for instruction on how to handle the claim.
- We’ll send you a Claim Form if required and a list of documents you’ll need to provide.
- Complete the Claim Form (ensuring your ABN and Input Tax Credit entitlement are included) and all claims documentation as soon as possible after the occurrence whilst details of the incident is still fresh in the minds of all concerned.
- Create a list of stolen items which includes the name of the item, date purchased and quote for replacement.
- Send the completed Claim Form, list of stolen tools, proof of ownership, and quotes for replacement to MBIB, who will then lodge this with your insurer.
