Maintaining Asset Insurance Records in the Asset Management Workspace

Download Guide

In the Asset Management Workspace, the Insurance Records tab allows you to record and track insurance policies for an Asset.

Adding an Insurance Record

1. From the Top NavBar, select Management and then Assets. 

2. In the Action Panel, click the Expand Tree icon to display the Asset you want to view.

3. Select the Asset. The Summary tab for the Asset displays.

   
   

4. Click the Insurance Record tab.

5. If this is the first record you are adding, use the Click here link.

   
   

6. Click the Period From and Period To fields or the Calendar icon to display the calendar and select the beginning and ending dates of the insurance coverage.

7. Click the Date Submitted field or the Calendar icon to display the calendar and select the date to record for submission.

8. Enter the person submitting the Insurance Record in the Submitted By field.

9. Enter the identifier for the insurance in the Insurance Group ID field.

10. From the Currency drop-down, select the currency for the coverage.

11. Enter the monetary value of insurance covers in each of the following fields as appropriate:

    1. Average Stock Value – average cost of inventory
    2. Maximum Stock Value – highest inventory value
    3. Buildings – buildings covered
    4. Plant Machinery – loss of or damage to the insured items, necessitating their repair or replacement
    5. Mobile Plant – equipment and machinery for raising or lowering a load
    6. Business Interruption – inability to conduct business
    7. Total Values – value of property, inventory, equipment, and business income covered
    8. Theft – losses from burglary, robbery, and other theft
    9. Cash – loss of cash
    10. Debris Removal – clean-up costs associated with damage to property

12. Enter the length of time the insurance company is obligated to make payments to cover the losses insured under the policy in the Indemnity Period (months) field.

13. Input the Year Built to indicate the year the asset was constructed or placed in service.

14. Input the Last Major Upgrade Year to indicate the year the last major improvement was made.

15. Click Add Record.

Viewing an Insurance Record

1. From the Top NavBar, select Management and then Assets. 

2. In the Action Panel, click the Expand Tree icon to display the Asset you want to view.

3. Select the Asset. The Summary tab for the Asset displays.

   
   

4. Click the Insurance Record tab.

   
   

5. Click the hamburger icon to the right of the record you want to view.

   
   

6. Select the option to View record.

7. Click Close to return to the Insurance Records tab.

Editing an Insurance Record

1. From the Top NavBar, select Management and then Assets. 

2. In the Action Panel, click the Expand Tree icon to display the Asset you want to view.

3. Select the Asset. The Summary tab for the Asset displays.

   
   

4. Click the Insurance Record tab.

   
   

5. Click the hamburger icon to the right of the record you want to edit.

   
   

6. Select the option to Edit record.

7. Edit the fields as necessary in the Edit Insurance Record pop-up.

8. Click Save Record when finished to save your changes.

Archiving and Unarchiving an Insurance Record

1. From the Top NavBar, select Management and then Assets. 

2. In the Action Panel, click the Expand Tree icon to display the Asset you want to view.

3. Select the Asset. The Summary tab for the Asset displays.

   
   

4. Click the Insurance Record tab.

   
   

5. Click the hamburger icon to the right of the record you want to archive.

   
   

6. Select the option to Archive record.

7. Click Okay.

   
   

8. The archived record will appear in Italics if you check the box to Show Archived.

   
   

9. To Unarchive an Insurance Record, select the option to Unarchive record from the hamburger icon menu.

   
   

10. Click Okay in the pop-up to confirm you want to unarchive the record.

Deleting an Insurance Record

1. From the Top NavBar, select Management and then Assets. 

2. In the Action Panel, click the Expand Tree icon to display the Asset you want to view.

3. Select the Asset. The Summary tab for the Asset displays.

   
   

4. Click the Insurance Record tab.

   
   

5. Click the hamburger icon to the right of the record you want to delete.

   
   

6. Select the option to Delete record.

7. Click Okay.