Why Winter is the best time to update your Asset Register
Mark Dawson, Club Insure Scheme’s Manager:
“Now is a good time of year for cricket clubs to look over their machinery asset register. After a long cricket season, clubs will be sending their machinery off into storage, or perhaps for repairs. Asset register help to remind what equipment the club owns, has borrowed or is missing.
While organising your machinery, update you asset register. Check how old each item is, and note down any replacements or repairs. This may affect the value of the machinery, which in turn will affect the overall value of your club’s contents.
Purchasing new equipment will need to be declared, both within the register and to your insurer. Expensive changes can impact your club’s Sums Insured, putting your club at risk of underinsurance.
Any queries or concerns, give us a call. Myself and my colleagues have over 20 years experience insuring clubs, and every winter we provide the same advice – keep in contact with your broker to ensure you have the best cover.”
Asset Register Template for Cricket Clubs
What is an asset register?
An asset register is an inventory of all the club’s owned contents and equipment. It should also note how much each piece is worth, which will help to understand the total value of your club’s assets. Asset registers are used by insurers to calculate the overall value of your club in the event of a claim, such as a fire or flood.
From sporting equipment to line-marking machines, from tables and chairs to electric power units, asset register lists all the club’s valuable possessions. They also come in useful whenever a piece of equipment is borrowed or loaned out, understanding where items came from and where they should be. When putting equipment into storage, such as in autumn or winter, an asset register is essential to knowing what tools are available.
Why is an asset register important?
Showing you are doing your due diligence as a cricket club manager is essential to remaining protected. A complete asset register ensures that clubs are not only tracking their valuables but also acting responsibly in managing risk. It’s a sign of good management and can be beneficial for meeting compliance requirements.
Should a claim need to be made, having a pre-prepared list of assets with estimated values, purchase dates, and locations can significantly streamline the process. Insurers are more likely to process claims quickly and fairly when detailed records are available.
Furthermore, there is a likelihood that your club could be overinsured. If your asset value and building contents value have not been updated, then many pieces of equipment are likely to have gone down in value.
Why do asset registers need to be updated regularly?
Checking what you have and its condition is essential to understanding the overall value of your club and contents. The valuation of items need to be documented – many pieces bought new can be bought online, second-hand or over sites such as eBay, for significantly less than new.
At Club Insure, we are encouraging cricket clubs to submit an up-to-date asset register so we can assess the value of your contents. This information is vital not just for club management, but also for understanding whether your club is adequately insured.
Submit to us your asset register for a free review
Step 1. Download the Asset Register PDF – Download this PDF
Step 2. Fill in your assets
Step 3. Then submit your form here: