Tracking Insurance Policies
Protecting your assets with insurance is a critical part of business risk management. AccuArk lets you track insurance policies directly on each asset record, giving you a centralized view of all coverage across your asset portfolio. You can monitor policy details, track premiums and deductibles, receive expiration alerts, and run the Insurance Coverage Report to identify gaps.
Where to Manage Insurance
Insurance information is managed on the Insurance tab of the asset record. To access it:
- Open the asset in the Asset Details screen (via Assets > Asset Register, then double-click the asset)
- Navigate to the Insurance tab
- Add a new policy or edit an existing one
The Insurance tab is available for all assets. You can add one or more insurance policies to any asset.
Insurance Fields
Each insurance policy record contains the following fields:
| Field | Description |
|---|---|
| Policy Number | The unique policy number assigned by the insurance provider. This is essential for filing claims. |
| Insurance Provider | The name of the insurance company or underwriter. |
| Coverage Type | The type of coverage: comprehensive, liability, fire, theft, flood, equipment breakdown, or other. Use the free-text field to specify custom coverage types. |
| Insured Value | The maximum amount the policy will pay out in the event of a claim. This should reflect the asset's replacement cost or agreed-upon insured value. |
| Premium Cost | The amount of each premium payment. |
| Premium Frequency | How often premiums are paid: monthly, quarterly, semi-annually, or annually. |
| Deductible | The amount you must pay out-of-pocket before the insurance coverage kicks in for a claim. |
| Policy Start Date | The date the policy coverage begins. |
| Policy End Date | The date the policy coverage expires. |
| Is Active | Whether the policy is currently active. |
Multiple Policies Per Asset
A single asset can have multiple insurance policies. This is common in scenarios where different types of risk require separate coverage:
- General liability covering third-party injury or property damage caused by the asset
- Extended warranty covering mechanical failure beyond the manufacturer's warranty
- Comprehensive coverage protecting against theft, vandalism, and natural disasters
- Specialized coverage such as cyber insurance for IT equipment or marine insurance for assets shipped overseas
Each policy is tracked as a separate record on the Insurance tab. You can see all active and inactive policies for the asset in a single list.
Expiration Alerts
AccuArk monitors the Policy End Date for every active insurance policy. When a policy approaches its expiration date within the alert threshold configured in Asset Settings, the policy appears as an alert in the Asset Dashboard alerts grid.
The alert includes:
- The asset name and number
- The policy number and provider
- The expiration date
- How many days until expiration
This early warning gives you time to:
- Contact the insurance provider to renew the policy
- Shop for better rates if the current premium is too high
- Assess whether the coverage is still needed (e.g., for assets approaching end of life)
- Update the insured value if the asset's replacement cost has changed
The alert threshold is configurable in Asset Settings. For example, you might set it to 60 days to get two months' advance notice of upcoming expirations.
Insurance Coverage Report
The Insurance Coverage Report gives you a comprehensive view of all insured assets across your entire business. To access it, navigate to Reports > Assets > Insurance Coverage.
The report displays:
| Column | Description |
|---|---|
| Asset Name | The name of the insured asset |
| Asset # | The unique asset number |
| Policy Number | The insurance policy number |
| Provider | The insurance company name |
| Coverage Type | The type of coverage |
| Insured Value | The maximum coverage amount |
| Premium Cost | The periodic premium amount |
| Premium Frequency | How often premiums are paid |
| Deductible | The deductible amount |
| Policy Start | When coverage began |
| Policy End | When coverage expires |
| Status | Active, Expiring Soon, or Expired |
The report includes summary totals showing:
- Total insured value across all policies
- Total annual premium cost
- Number of active, expiring, and expired policies
This report is essential for several purposes:
- Coverage gap analysis — Identify high-value assets that have no insurance or inadequate coverage
- Premium budgeting — Calculate your total annual insurance spend across all assets
- Renewal planning — See which policies are expiring soon and need attention
- Provider consolidation — Identify opportunities to consolidate policies with fewer providers for better rates
Deactivating Policies
When an insurance policy is cancelled, not renewed, or replaced with a new policy, set the Is Active flag to No. Deactivated policies:
- Remain visible in the Insurance tab's history list for reference
- No longer trigger expiration alerts on the dashboard
- Are excluded from the active policy count in the Insurance Coverage Report
- Still appear in the report if you filter to include inactive policies
Never delete a policy record. Deactivating it preserves the history for audit purposes and insurance claim documentation.
Insurance and Asset Disposal
When you dispose of an asset, remember to cancel or reassign its insurance policies. AccuArk does not automatically deactivate insurance policies when an asset is disposed of, because some policies may cover the asset during a transition period or have terms that extend beyond the disposal date.
Review the Insurance tab for any asset you are disposing of and deactivate policies that are no longer needed. This prevents you from paying premiums on assets you no longer own.
Insurance and Claims
While AccuArk does not have a dedicated insurance claims workflow, the insurance records you maintain are invaluable when filing a claim:
- Policy number is required on every claim form
- Insured value confirms the maximum coverage
- Deductible tells you your out-of-pocket obligation
- Asset details (serial number, purchase date, cost) from the asset record provide supporting documentation
- Maintenance history demonstrates proper care and can support claims where negligence is questioned
- Photos and documents attached to the asset record provide evidence of condition before and after an incident
Having all this information in one place significantly speeds up the claims process.
Tips and Best Practices
- Review insurance coverage annually — At least once a year, run the Insurance Coverage Report and review it with your insurance broker. Asset values change over time, and coverage should be updated accordingly.
- Ensure high-value assets have adequate coverage — Compare the Insured Value against the asset's current replacement cost. If the asset has appreciated or replacement costs have increased, the insured value may be too low.
- Use the Insurance Coverage Report to identify gaps — Sort the report by asset value and cross-reference against insured assets. Any high-value asset without an active policy is a coverage gap that should be addressed.
- Keep policy documents attached to the asset — Use the asset's Documents tab to upload PDF copies of insurance policies, certificates of insurance, and endorsements. Having these documents attached to the asset record means they are always available when needed.
- Track premium costs for budgeting — The total annual premium cost from the Insurance Coverage Report should feed into your annual operating budget. Insurance is a significant recurring expense and should be planned for.
- Coordinate with your accounting team — Insurance premiums are operating expenses. Make sure your accounting team has visibility into premium amounts and frequencies so they can accrue or record the expenses correctly.