I remember awhile back having my tool box at work. The new manager came in and told me that I had to sign a waiver because the district’s insurance wouldn’t cover damages or theft. I immediately called the flatbed tow truck and took it home. Told him your going to need to purchase some tools.
Worked in a shop for 3 years, i found out they insured my tools. And never told me. If something happened, fire or theft im positive they would have collected the money and kept it. Or at least tried to. They couldnt be trusted.