Inventory and Value Your Assets

Inventory and Value Your Assets

The next step in the process is to inventory assets. The key to assuring that all of your assets are protected is to establish and maintain a comprehensive inventory of your assets including buildings, structures, personal property, equipment, earnings, investments, collections, autos, watercraft, intellectual property and key personnel. The next major step in the process is to fairly and accurately determine the replacement cost as opposed to the actual cash value (replacement cost less real depreciation) of your assets. Depending upon the nature of the asset such as a collectible, market value is the important gauge whereas with homes and structures, replacement cost is critical.

Tags: assets