Assets Insurance Policy Details

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Transaction Description

Use the Fixed Asset Insurance window to enter information about insurance policies and calculations for assets. An asset may have multiple insurance policies. Oracle Assets can use three methods to calculate insurance values.

1. Value as New is a method that calculates based on acquisition costs and subsequent transactions adjusted for indexed rates.
2. Market Value is a method based on the current net book value and transactions that are adjusted for indexed rates.
3. Manual Value allows you to enter and update insurance values. If a maintenance date for the asset is entered, Oracle Assets will calculate and update the current insurance value.

If an asset is partially retired, the insurance calculation reduces the value in proportion to the partial retirement.

Before entering insurance information, perform the following set up steps:

1. Insurance companies should be entered as suppliers (type = Insurance Company) in Payables
2. If you are using indexing, set up the Asset Price Indexes
3. Set up Quick Codes for Insurance Categories (i.e. fire, flood, theft, and so forth)
4. Set up Quick Codes for Hazard Classes
5. If you will use the Special Swiss Asset check box, set the FA: Allow Swiss Special Assets profile option to "Yes"

Use the Find Assets form to query the insured asset. In the Policy region, enter the insurance information. Select the Maintenance and Lines buttons to enter additional information.

The Base Index Date must be one of the following:

• The date placed in service for new assets
• The original date of construction for second-hand purchased assets
• The date index valuation begins for manual value calculation methods
• For updated Special Swiss Assets, the date indexing will begin again

Find Assets

List of Fields

• Book
• Asset Number
• Tag Number
• Description
• Asset Key

Fixed Asset Insurance

List of Fields

• Assets
  • Asset Number
  • Tag Number
  • Asset Book
  • Description
  • Asset Key
• Policy
  • Policy Number
  • Insurance Company
  • Supplier Site
  • Address
  • Calculation Method
  • Special Swiss Asset
  • Descriptive Flexfield
  • Base Index Date
  • Base Insurance Value
  • Insured Amount
  • Insurance Index
  • Current Value
  • Last Indexation Date

Fixed Asset Insurance Policy Lines

List of Fields

• Line
• Insurance category
• Hazard Class
• Comments

Fixed Asset Insurance Policy Maintenance

List of Fields

• Maintenance
  • Policy Number
  • Insurance Company
  • Supplier Site
  • Calculation Method

Comments

Links

• Related: OracleAssets, FA12SetupAssetSystemPriceIndexes, FA12SetupAssetSystemQuickCodes

This Topic Is Referenced By These Topics:
Related Links: FA12AssetsInsuranceInsuranceCalculationRoutine

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