Insure fixed assets

Use the Insurance Card page to set up an insurance policy to cover one or more fixed assets. You can assign one fixed asset to one insurance policy, or multiple fixed assets to one insurance policy.

You assign a fixed asset to an insurance policy by posting to the insurance coverage ledger from the Insurance Journal page.

In addition, you can assign a fixed asset to an insurance policy and create coverage ledger entries when you post its acquisition cost. You post an acquisition cost from the fixed asset journal with the Insurance No. field filled in. You must turn on the Automatic Insurance Posting toggle on the Fixed Asset Setup page. For more information, see Acquire a fixed asset by using a fixed asset G/L journal.

If the Automatic Insurance Posting toggle on the Fixed Asset Setup page isn't turned on, posting acquisitions from the fixed asset journal creates lines on the Insurance Journal page. You must post those lines manually.

After you assign a fixed asset to an insurance policy, the Insured field on the fixed asset card contains Yes. When you sell the fixed asset, the toggle is automatically turned off.

To create or modify an insurance card

When you receive information about changes in the coverage amount, you must enter the new information on the Insurance Card page to ensure that you analyze insurance policy coverage correctly.

1. Choose the icon, enter Insurance, and then choose the related link.
2. Choose the New action to create a new card for an insurance policy. Hover over a field to read a short description.
3. Alternatively, select the insurance policy that you want to change, and then choose the Edit action.

To assign a fixed asset to an insurance policy by posting from the insurance journal

You assign a fixed asset to an insurance policy by posting to the insurance coverage ledger.

The following procedure explains how to create an insurance journal line manually. If the Automatic Insurance Posting toggle is turned on the Fixed Asset Setup page, insurance journal lines are automatically created when you post acquisition costs. In that case, all you have to do is to post the journal.

1. Choose the icon, enter Insurance Journals, and then choose the related link.

2. Open the relevant journal, and fill in the journal lines as necessary.

3. To assign multiple fixed assets to one insurance policy, create journal lines with the same value in the Insurance No. field and different values in the FA No. field.

4. Choose the Post action.

   Note

   The entries from an insurance journal are only posted to the insurance coverage ledger.

To update the insurance value of a fixed asset

You can use the Index Insurance batch job to update the value of the fixed assets that are covered.

1. Choose the icon, enter Index Insurance, and then choose the related link.

2. Fill in the fields as necessary.

   Note

   In the Index Figure field, you enter a decrease of 5%, for example, as 95, whereas you enter an increase of 2% as 102.

3. Choose the OK button.

   The batch job calculates the new amount as a percentage of the total value insured, as stated on the Insurance Statistics page, and then creates a line in the insurance journal.

4. Choose the icon, enter Insurance Journals, and then choose the related link.

5. Open the relevant insurance journal, review the created values, and then post them to the insurance coverage ledger.

To monitor insurance coverage

Business Central provides dedicated reports and statistics pages for use in analyzing insurance policies and whether your fixed assets are over- or under-insured.

Overview of insurance policies

To get an overview of your insurance policies, preview or print the Insurance - List report. The report shows all the policies and the most important fields from the insurance cards.

Insurance coverage

To see which insurance policies cover each asset and by which amount, you can preview or print the Insurance - Tot. Value Insured report.

Over/under coverage

You can check whether fixed assets are over- or under-insured in the following ways:

• The Insurance Statistics page. A positive amount in the Over/Under Insured field means that the fixed asset is over-insured. A negative amount means that the asset is under-insured.
• The Fixed Asset Statistics page. Choose the Total Value Insured field to view the Ins. Coverage Ledger Entries page.
• The Over/Under Coverage report.
• The Insurance Analysis report.

Uninsured fixed assets

To check whether you forgot to assign a fixed asset to an insurance policy, you can print or preview the Insurance - Uninsured FAs report. This report displays fixed assets for which amounts aren't posted to the insurance coverage ledger.

To view insurance coverage ledger entries

You can view the entries that you made in the insurance coverage ledger.

1. Choose the icon, enter Insurance, and then choose the related link.
2. Select the relevant insurance policy, and then choose the Coverage Ledger Entries action.

To view the total insurance value of fixed assets

A matrix page shows the insurance values that are registered for each insurance policy for each fixed asset that result from posted insurance-related amounts.

1. Choose the icon, enter Insurance, and then choose the related link.
2. Select the relevant insurance policy, and then choose the Total Value Insures per FA action.
3. Fill in the fields as necessary.
4. Choose the Show Matrix action.
5. To see the underlying insurance coverage ledger entries, choose a value in the matrix.

To correct insurance coverage entries

If a fixed asset was assigned to the wrong insurance policy, you can correct it by creating two reclassification entries from the insurance journal.

1. Choose the icon, enter Insurance Journals, and then choose the related link.
2. Create one journal line for the fixed asset and the correct insurance policy where the value in the Amount field is positive.
3. Create another journal line for the fixed asset and the incorrect insurance policy where the value in the Amount field is negative.
4. Choose the Post action.

The fixed asset is removed from the incorrect insurance policy on the second line. The asset is assigned to the correct insurance policy on the first line of the journal.

See also

Fixed Assets
Setting Up Fixed Assets
Finance
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