B. Overview of Collecting and Reporting Insurable Values
1. What is the minimum dollar value before reporting values is required?
Building, machinery & equipment and inventory values are required annually for locations where the combined insurable values reach $3 million USD (using trended replacement values. Trending will be discussed in section C. of this document). If less than $3 million, no values need to be reported.
2. What reporting period should be used when reporting values?
All insurable values should be reported as of January 31, 2014.
3. What values should not to be reported in the IVR?
Inventory values on ocean platforms, ocean or other vessels, or under marine cargo or transit coverage should be reported separately under the marine program of Caterpillar Insurance Co., Ltd.
4. Reporting capital assets
In the U.S., we import capital asset values from the Capital Asset / SAP (SmartStream) file into the IVR. We strongly recommend you verify these values are accurate for your location(s). If the values are incorrect, please contact Monica Chen to correct them in the IVR and provide her with the appropriate details.
Outside of the U.S., you will need to enter the value of your capital assets.
5. Verification of Locations
a. All existing locations captured in the IVR should be reviewed to ensure the address is captured correctly. Please ensure the complete physical address of the location is correct and that city, state, postal codes are correct and listed in the appropriate column. If a location has changed, please contact Monica Chen who will deactivate your current location and set up a new one in the IVR.
b. Please work with the appropriate people in your organization to determine if any new locations have been added in the last year that should be reported. Please contact Monica Chen to set up the new location in the IVR.
c. During the year, newly acquired or leased locations where values exceed $3 million USD must be reported to CPC immediately. This is important to insure you have complete insurance coverage on your new location. Please contact Alex Wilson to report a location that has been acquired or leased mid-year.
B. Overview of Collecting and Reporting Insurable Values
1. What is the minimum dollar value before reporting values is required?
Building, machinery & equipment and inventory values are required annually for locations where the combined insurable values reach $3 million USD (using trended replacement values. Trending will be discussed in section C. of this document). If less than $3 million, no values need to be reported.
2. What reporting period should be used when reporting values?
All insurable values should be reported as of January 31, 2014.
3. What values should not to be reported in the IVR?
Inventory values on ocean platforms, ocean or other vessels, or under marine cargo or transit coverage should be reported separately under the marine program of Caterpillar Insurance Co., Ltd.
4. Reporting capital assets
In the U.S., we import capital asset values from the Capital Asset / SAP (SmartStream) file into the IVR. We strongly recommend you verify these values are accurate for your location(s). If the values are incorrect, please contact Monica Chen to correct them in the IVR and provide her with the appropriate details.
Outside of the U.S., you will need to enter the value of your capital assets.
5. Verification of Locations
a. All existing locations captured in the IVR should be reviewed to ensure the address is captured correctly. Please ensure the complete physical address of the location is correct and that city, state, postal codes are correct and listed in the appropriate column. If a location has changed, please contact Monica Chen who will deactivate your current location and set up a new one in the IVR.
b. Please work with the appropriate people in your organization to determine if any new locations have been added in the last year that should be reported. Please contact Monica Chen to set up the new location in the IVR.
c. During the year, newly acquired or leased locations where values exceed $3 million USD must be reported to CPC immediately. This is important to insure you have complete insurance coverage on your new location. Please contact Alex Wilson to report a location that has been acquired or leased mid-year.
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