I am looking for policies concerning company use of employee-owned tools.?

Answer 1

Each company has it's own policy but most companies do not allow your own tools to be used because of insurance issues.

Answer 2

Starting this year IRS regulations require all employees to be re-imbursed for employee owned tools. You might want to alert your employer...
http://www.abc.org/wmspage.cfm?parm1=3193
http://www.ustreas.gov/press/releases/js2677.htm
Some business insurance is smart enough to cover employee owned tools...
http://www.insuretruckdealers.com/faq.html
If the company wants you to let someome else use the tools that you have purchased for the job (whether or not they have re-imbursed you), then they should purchase them from you. Perhaps, while training someone, you could allow them to use your tools, but if the company demands that you let someone else use your tools, then they are out of line. They usually require workers to have thier own tools so that each employee has tools available to do his (or hers) job. You can't use your tools if the company takes them out of your hands. If you have to train someone with your tools, take them back and explain to the worker that he is responsible to get his own tools just like you did and that without those tools he can not do his job.
If management becomes involved, you might have to provide some basic facts on workers and tools and remind them about thier own policies. Management can be a little thick-headed about practical matters. Sometimes giving them what they want, no matter how stupid, is the best way to keep the peace and stay on good terms.