Have often invested a considerable amount in tools and equipment and will be least able to recover should the tools be lost or damaged.
May have a variety of more sophisticated equipment owned by a mixture of staff as well as by the shop.
Own a variety of up to date technology as well as multiple tool sets.
May carry specialized equipment that is difficult to replace and often times any loss will have a signiﬁcant impact on the business.
Will have a variety of specialized tools to maintain and repair large equipment.
Auto Body Shops have a need to maintain a unique set of tools.
Over the past few years the insurance industry has revisited many of the clauses in its policies that affect insurance claims relating to lost or damaged tools. This is a result of an increased number of claims that generally do not have accurate proof of tool and equipment ownership.
Insurance companies and their policies relating to the tool and equipment coverage now have clauses in place that demand accurate and reliable proof of ownership. This can only be accomplished in one of two ways, provide invoices for all tools and equipment involved in the loss or have a professional tool appraisal completed on all tools and equipment. With a Tool Inventory and Appraisal in place you can even approach your insurance company to reduce the costs of coverage!
It makes a lot of sense when you think about it; a broad range of shops can take advantage of this unique process: