I’ve Got Insurance. What Next? Record keeping is the next big requirement. Tere cannot be too much detail. You should keep an ongoing inventory of everything on your premises that might be lost in a disaster. Records should include when, where and for how much you purchased the item. Besides product name and description, serial numbers should be retained for all larger equipment. You will also need to, at least annually, update the depreciated value or book value. You should also have a column to record and update the replacement value. What you paid for an item and what you would have to pay to replace it are probably two entirely different figures. Te replacement value will also change depending on market conditions. Make sure that you know at what value you are purchasing coverage. Replacement value coverage is going to cost more but may be what you need. Again, your accountant and insurance agent can help in those decisions. Know the details of co-insurance clauses and how they affect your coverage and potential out-of-pocket costs.

You can use spread sheets or software programs for your record keeping. Te important thing is to record and update everything on a regular basis. When you buy something, record it. When you sell something, record it. When you retire a piece of equipment, record it. If you make a modification to a building or equipment that increases its value or lengthens its life-span, note that in your records. Note where things are kept. Is this piece of equipment stored in a particular building? Is it carried on a truck? Where is the truck kept onsite? When is the truck usually

TPI Turf News May/June 2018

ADVANCED EQUIPMENT SALES

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