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There is nothing illegal about them asking you to reimburse them for the stolen property. However, they would not have a legal entitlement to reimbursement unless they could prove that you were negligent in allowing it to be stolen (i.e. you forgot to lock the truck or roll up the windows). Under no circumstance can they deduct from your wages to offset for this loss.
So, how you choose to handle this matter is really up to you. I can understand you not wanting to set a trend of paying for company losses. However, paying for the saw might get you back in the good graces of the company. Ultimately, if it were me, it would come down to what role I played in the loss. If the theft legitimately was not my fault, I would politely explain to my employer why and that I believe it would be unfair to make me the insurer for company losses that occurred through no fault of my own. On the other hand, if I played a roll in the loss, I would probably pay for it.
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