Frequently Asked Questions
What is PowerTool Safe™?
PowerTool Safe™ is a new and innovative way to share information in real time concerning the status of tools. Theft continues to be a prevalent problem in the construction industry because modern technology and law enforcement tactics have not evolved to handle the increased strain on the industry. Contractors and builders are equally guilty because so few of them actually maintain any records of their tools making it easy for thieves to get away with each crime.
What does PowerTool Safe™ do?
Once you create an account, and your tools are registered with PowerTool Safe, you gain a tremendous amount of information about your tools and equipment. Information is power, and now you can put PowerTool Safe™ to work for you. Beyond keeping excellent record of your tools, PowerTool Safe™ lets you:
- Save money on Theft Insurance (Inland Marine Policies)
- Get instant notifications if another user tries to register or search your tools
- Generate reports with photos of your tools if you experience theft
- Attach a police report number to your tools if they are stolen
- Attach a police officer email address to your tool if they are stolen
PowerTool Safe™ collects and organizes the information about your tools to increase your odds of recovery in the event of theft. We are the only program that is a free database available to both Law Enforcement agents, and Pawn Shops.
How does PowerTool Safe™ pay for itself?
Once your tools are entered into PowerTool Safe™, you have the ability to print off all the reports for us or your insurance agent to give you scheduled rates on your equipment. The money you save on a scheduled policy instead of a stated value policy pays for your subscription to PowerTool Safe™. Because of our price structure, you will almost always save more on insurance than our subscription cost.
There are two different types of inland marine insurance policies that people can purchase to cover their tools. A stated value policy is the most common which requires the estimated value of all your tools without actual proof or any documentation of those tools. A Scheduled rate requires you to provide a full list of all your tools, the brand, model, serial number, date purchased and the actual purchase price of the tools. With all that information, a Scheduled rate policy is much cheaper than a stated rate policy because if something is stolen, all the information is present to help the Insurance company recover it.
Can’t I just write down my own information and give it to my insurance agents to save money without using PowerTool Safe™?
Yes you can. BUT if any of your equipment is stolen, you have to do all your own legwork. You have to share it with all the pawn shops, and spend your own time getting the word out in your area and around your state. Do you have time for that? Probably not, but guess what? That’s what we do best.
Does insurance pay replacement cost?
Inland Marine Policies, whether Stated Value or Scheduled Value will both pay ActualCash Value (ACV) for your tools. Insurance is based on a concept of Indemnification which means compensation for harm or loss. There are no inland marine policies that would pay full replacement costs.
What do I do if I still have questions?
Drop us an email and we'll answer anything you ask.
PowerTool Safe is a registered trademark of PowerTool Safe Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
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