Goods are not always where they are owned. A production site often keeps stock, and sometimes machinery, at warehouses elsewhere in the organization. Until now there was nowhere to record that, so the value either ended up at the wrong address or was left out and nobody could tell which.
You can now record off-site values — stock and supplies, or machinery and equipment, that one site owns but keeps at another insured site.
Why this matters
Insurers price property risk by physical location. The fire protection, the natural catastrophe exposure and the construction all belong to the building the goods are standing in. Recording the value at the right address means it is priced against the right building, and a warehouse's TIV finally reflects what is actually inside it.
How it works
On a site's insured values page, both Stock and supplies and Machinery and equipment now have a Held elsewhere section. Add the site where the goods stand, enter the amount in its own currency, and add a note or attachments if you like. It saves with the rest of the site's values, and you can list as many holding sites as you need.
The entry shows up in two places:
- On the owning site , as value held elsewhere, with the site it stands at.
- On the holding site , as value held here for other sites, with the site that owns it.
TIV follows the address. The amount counts toward the holding site's TIV and Total PD, and never toward the owning site's. That is the same number wherever you read it — on the site, in the sites overview, in the Values table and in analytics. In the Values table the amount also shows in the holding site's Stock and supplies or Machinery and equipment column, so a warehouse's columns add up to its TIV.
Off-site values carry forward from one period to the next like other insured values, appear in the change history of both sites, and drop out of every total when either site is archived.
The owner's side of the picture
TIV follows the address, but a production site still wants to know how much stock it owns in total. The Values table now has three columns for exactly that: Stock and supplies including off-site , Machinery and equipment including off-site and TIV including off-site , each the site's own figure plus what it keeps at other sites, leaving out what other sites keep there. They are for reading what a site owns, not for reconciling totals — the goods already count at the site holding them.
Before you record the first one
Warehouse sites may already have entered other sites' goods in their own Stock and supplies figure. Recording an off-site value against such a site would count that stock twice. Check the warehouse's own figure first, and reduce it to what the warehouse itself owns.
Read more in Insured values held at another site .