The Insurance table is used to manage insurance policies related to fixed assets.
When fixed assets are purchased and sold, insurance policies need to be updated so that they cover the current value of fixed assets that need to be insured. By using the insurance table to manage insurance policies, you can avoid excess costs associated with being overinsured and excess risks resulting from being underinsured.
Each fixed asset can be linked to one or more insurance policies. This makes it easy to ensure that the amount of coverage in an insurance policy corresponds to the value of fixed assets covered by the policy.
The insurance table contains a card for each insurance policy, on which you enter basic information, such as description, policy coverage, annual premium and policy number. Each insurance policy must also have an identifying number. When you enter the number in Insurance No. fields elsewhere in the program, in an insurance journal, for example, the program will automatically use information from the particular insurance policy.
The program can display the insurance policy in two different windows:
- The Insurance Card window has a card for each insurance policy, containing all the fields you have selected. You can therefore see many fields for each insurance policy.
- The Insurance List window displays all the insurance policies, with a line for each – therefore fewer fields are displayed for each insurance policy.