b. Excluded Inventory:
i. Values for finished inventory located on ocean platforms or under marine cargo coverage should be reported separately. Please refer to the following website, https://dealer.cat.com/cda/layout?m=425772&x=7
ii. PDC inventory values will now be collected from the Finished Product Distribution group. You will not need to report PDC values in the IVR.
4. Business Interruption (BI)
Business interruption insurance protects Caterpillar’s profits and covers fixed expenses in the event of a loss. In the past CPC has asked you to fill out a worksheet to arrive at your BI insurable value. This worksheet was very complex and confusing. In order to improve the business interruption reporting process, CPC has reached an agreement with our property insurance provider, FM Global, to use corporate business interruption values in the future. As a result, you do not need to report BI values this year. This change will drive efficiency in reporting BI insurable values.
5. General Liability
a. Employees & Payroll (Figures can be based on your budgeted Business Plan for the reporting year)
1. Estimated number of employees, including, full-time, part-time, and leased/agency/labor workers (All employees)
a. International Service Employees should be reported at the location they are working at.
2. Estimated annual payroll. (Only strictly normal payroll)
a. Normal Caterpillar labor costs, no overtime.
b. Do not include benefits, STIPS, 401k, etc.
6. International Liability Insurance
a. Remember to report ILI values under the separate ILI tab in the IVR if your facility participates in the ILI insurance program.
b. Please refer to the separate ILI document , International Liability Insurance for 2014, for details on what values to report.
Note: If you participate in the ILI program, you still need to report employee and payroll figures under the general liability section in the IVR. Therefore, employee and payroll figures will need to be reported in both the corporate values and ILI sections of the IVR.