Add or Edit an Insurance Policy

The Insurance Policy page allows authorized users to enter and maintain insurance policy detail information for policies covering assets. A system administrator can set up different insurance policies and assign them to assets for your organization. This page is information and optional. Normally there is a blanket policy that covers the majority of the assets.

Note: If while updating the insurance policy data you need to clear your changes, click Reset at any time to return to the previous state the page was in before you save your changes. 

1. To access the Insurance Policy page, go to Maintenance > Financial Management > Asset Management > Insurance Policies.
2. On the Insurance Policy List page, click New or the Policy Number hyperlink in the list to open an existing policy record.
3. Select the Active check box if the policy is an active insurance policy; a policy cannot be made inactive if it is assigned to an asset.
4. In Insurance Company, select the company that is the holder of the policy. This company data comes from the vendor list so the insurance company must to be setup as a vendor. This field is disabled in Edit mode.
5. The Contact Address fills in based on the vendor contact information for the Insurance Company selected; this can be changed using the drop down or move buttons if the vendor has multiple addresses.
6. In Policy Number, enter the insurance policy number. This field is disabled in Edit mode.
7. In Description, describe the policy (e.g., Blanket Policy).
8. In Start Date and End Date, select or enter the start and end date of the insurance policy. If policy dates are defined here then the Asset by Expiration Date Report can be run to determine when the policy expires.
9. In Coverage Amount, enter the amount of coverage on the policy.
10. Click Save to save this policy information or Save/New to create another policy record.

See also:

Asset Management Setup

Insurance Policy List

Depreciation Method