Set the profile option JG: Allow Swiss special assets to Yes if you are planning to enter Swiss special case assets, such as Swiss buildings

These steps are correct for this task:

To enter insurance information for an asset:

1. Navigate to the Asset Insurance window (Localizations: Asset Insurance). The Find Assets window appears.

2. Choose the asset book and asset that you want. The Asset Insurance window appears.

3. Navigate to the Policy region.

4. (new step) Enter the insurance policy number in the Policy Number field.

5. Enter the insurance company name in the Insurance Company field. The list of values for this field will only display suppliers that have been set up in Oracle Payables with a supplier type of Insurance Company.

6. Enter the supplier site for the insurance company in the Site field.

7. The company address for that supplier site will be displayed in the Address field.

8. In the Calculation Method field, enter the method of calculation to use for this asset insurance:

Value as New - the base insurance value, which can be indexed annually

Market Value - the current market value, calculated as the base insurance value less depreciation, which can be indexed annually

Manual Value - a value you enter manually. This calculation method allows you to update the Current Value field.

Note: If you enter a duplicate policy to cover another asset with the same policy number and insurance company as an existing insurance record, the Calculation Method automatically defaults to the method that was defined on the existing policy. The Calculation Method must be the same for all occurrences of the same insurance policy.

9. If the asset is a Swiss special case asset, check the Special Swiss Asset check box. This field will not be enabled unless you have set the profile option JG: Allow Swiss special assets to Yes.

If an asset is marked as a Swiss special asset, you will be able to update the Current Insurance Value, Insurance Index, and Base Index Date for the asset to reflect the reassessment of the insurance value by the insurance company.

The insurance company may provide a new series of indexation factors to be applied to the asset. You can record this by defining a new Price Index and then updating the Insurance Index field.

Record the new insurance value provided by the insurance company, by updating the Current Insurance Value field and recording the effective date for this new valuation in the Base Index Date field. If the Base Index Date is set to a date in the future, the insurance value will not be indexed again until that date is reached. The period up to this date represents a manual maintenance period for the asset. Any adjustments or retirements affecting the asset value during this period will not be incorporated into the new insurance value when the automatic insurance calculations begin again.

10. In the Base Index Date field, enter the date that is used as the base date for indexation. Enter one of the following:

For new assets, enter the date the asset was placed in service.

For assets purchased second-hand, enter the original date of construction of the asset.

For the Manual Value calculation method, you can enter a maintenance date. This represents the date the optional indexation of the manual value begins.

For updated Swiss assets, record the date on which automatic indexation of the insurance value will begin again. Until this date, you should maintain the insurance value manually.

11. In the Insurance Index field, enter the name of the price index that is used to calculate the annual adjusted insurance value. If you want the Insurance Calculation process to automatically take account of cost adjustments, retirements, and so on, but you do not want indexation adjustment factors to be used, then enter a value in the Base Index Date field, but do not enter an Insurance Index.

12. In the Base Insurance Value field, enter the base insurance value of the asset as defined in the insurance policy. Enter one of the following:

For new assets, Oracle Assets displays the current cost of the asset. For Value as New assets, you can overwrite this default with another value. For Current Market Value assets, the value is shown in this field but is disabled. The value is disabled because the Base Insurance Value is not used in this asset insurance calculation; instead, the insurance value is derived from the asset net book value. For Manual Value assets, the Base Insurance Value field is disabled because the Base Insurance Value is not used; instead, you can manually enter a Current Value.

For assets purchased second-hand, enter the original construction cost of the asset

13. The Current Value field displays the current insurance value of the asset, calculated automatically. This field is display-only unless you chose the Manual Value calculation method or your asset is flagged as a Swiss special-case asset.

The value displayed depends upon the calculation method:

For Value as New, the value displayed is the indexed base insurance value. This value will also be updated to account for transactions, such as adjustments or retirements, that affect the asset value.

For Market Value, the value displayed is the indexed net book value of the asset (original cost less depreciation). This value will also be updated to account for transactions, such as adjustments or retirements, that affect the asset value.

For Manual Value, the value displayed is updateable. If you enter a maintenance date for the asset in the Base Index Date field, indexation of the manual value begins with this date, and then follows the Value as New calculation method.

For Swiss Assets with a calculation method of Value as New, the calculated value will be the same as for all other assets. For Swiss Assets with a calculation method of Current Market Value, the Current Value will calculate the insurance value following the Value as New calculation method and adjust this value using the fraction Asset Remaining Life / Asset Total Life. Also note that the calculated Current Value for Swiss Assets can be manually updated.

14. In the Insured Amount field, enter the amount for which the asset is insured under that policy. The information in this field is for reference only and is not used in the Oracle Assets calculations.

15. The Last Indexation Date field displays the end date of the closed depreciation period for which the indexation process was last run.

16. Press the Lines button to display insurance policy line information.

17. In the Line field, enter the insurance policy line number for the category of insurance covered by the policy. The combination of policy number and policy line number must be unique. You cannot enter duplicate line numbers on the same policy, even if there are multiple occurrences of the same policy to cover a number of assets.

18. Enter the insurance category in the Insurance Category field. Note that an asset can only be insured once for each category of insurance, even if it is covered by multiple insurance policies. You must have already defined your insurance category lookup values for the lookup type JGZZ_FA_INS_CATEGORY (Application Developer: Application > Validation > QuickCodes > Special).

19. In the Hazard Class field, enter the hazard class assigned to this policy line. You must have already defined your hazard class lookup values for the lookup type JGZZ_FA_INS_HAZARD (Application Developer: Application > Validation > QuickCodes > Special).

20. Enter any additional comments in the Comments field.

21. Save your work.

22. Use the Fixed Asset Insurance Policy Maintenance window to update the information for an insurance policy that covers more than one asset. The Fixed Asset Insurance Policy Maintenance window applies the policy information changes to all the assets covered by that policy. Press the Maintenance button to display the Fixed Asset Insurance Policy Maintenance window.

23. The Policy Number field defaults to the policy number for the current policy record. You can update the Insurance Company and Supplier Site for this policy. You can also update the Calculation Method, as long as the automatic calculation routine has not yet been run for any assets covered by this policy.

24. Save your changes. The changes you make in the Fixed Asset Insurance Policy Maintenance window will be applied to all occurrences of this policy.