The cover provided under our tree surgeon and forestry insurance policies for tools and equipment is usually arranged on a reinstatement basis meaning that in the event of a loss insurers’ will settle the claim new for old, regardless of the age or condition of the item.
However, this means that the value you insure your tools and equipment for should represent the cost of replacing the equipment as new. If these values are not adequate, this could affect the amount insurers pay out.
You should make regular inventories of all your equipment taking into
account any new equipment that has been purchased and the ever increasing value of arboricultural/forestry equipment, because the value originally provided to insurers may no longer be adequate to buy a replacement.
Beware that not all insurers provide cover on a new for old basis and will make deductions from any claims for wear and tear depending on the age of the equipment. You should check with your insurance broker for clarification.
For further information or advice for tree surgeon, forestry and arboriculture insurance, please contact Steve Lewis on 01483 489 291 or by email on steve.lewis@lycetts.co.uk.
