Illustrative example
Insured tools are stolen from a locked vehicle. If the theft and security arrangements meet the policy terms, the policy may contribute to repair or replacement.
Tools and equipment away from base
Portable assets and general property insurance
Tools, laptops and specialist equipment rarely stay in one place.
General property insurance may cover specified portable business assets away from the main premises. The asset schedule, territorial limits, use, security arrangements, accidental-damage scope and exclusions determine how the cover operates.
Preparing the review
What should be listed?
- Asset description, serial number, age and replacement value.
- Where and how the item is used, transported and stored.
- Territories, overseas use and temporary removal.
- Vehicle and premises security, alarms, locks and unattended-item controls.
- Claims history and any breakdown, wear, theft or data exclusions.
Important boundaries
General property is not the same as motor, machinery breakdown or cyber cover. Data, gradual wear and unattended-property losses can be restricted.