ARMD said that this “complete” insurance protection package, which consists of both proactive protection and rapid reimbursement, will empower tradespeople to better prepare and defend themselves from tool theft.
Operating as an MGA, InsurTech ARMD has partnered with Sparta Insurance Services to launch a new insurance product that provides 24/7 protection for tradespeople’s tools.
ARMD explained that for decades, tradespeople in the UK have been “underserved and under-protected”, with 83% of them having no tool insurance and a van reportedly being broken into every 15 minutes.
The firm’s new insurance product, known as ARMD Tools In Transit, provides up to £10,000 for tools left securely in a van 24/7, “unlike other products that insist customers must empty their van each night.”
ARMD said that this “complete” insurance protection package, which consists of both proactive protection and rapid reimbursement, will empower tradespeople to better prepare and defend themselves from tool theft.
Devin Chawda, CEO at ARMD, commented, “This is a huge development in a market that has been crying out for innovation. Finally, trade businesses can have the protection and peace of mind they have been wanting for years, and brokers can now tap into a broader customer base with a market-leading product tailored for their specific needs.
“We are very pleased to be partnering with Sparta Insurance Services and their broker partners across the UK with our first broker insurance product for tradespeople. We’re also working on a number of new partnerships and products for this sector.”
Andrew Doidge, Sparta Insurance Services, added, “We have been very impressed with the innovative approach ARMD has to understanding the needs of commercial customers and providing solutions.
“We are delighted to offer their tools insurance product as an option to our broker partners, knowing it can help them make a difference to their tradespeople customers.”