The importance of keeping an Asset Register
by Mark Dearden, Club Insure Schemes Manager
It is essential that all clubs have an asset register. An asset register will assist groundsmen, managers and any staff involved in the running of a club in understanding what contents and equipment the club owns, as well as how much each piece is worth. Ultimately an asset register will help to ensure your club is properly insured.
Every club, no matter its size, relies on a wide range of assets — from sporting equipment and line makers, to electronics and groundskeeping tools. However, many clubs don’t have a clear picture of what these items are worth. These items can stack up, meaning thousands of pounds worth of equipment is potentially being improperly and irresponsibly stored. This could potential invalidate insurance if your club were to make a claim for a theft, fire or flood.
Alternatively, your assets may have significantly devalued, and your club may well be overinsured. The only way to properly know is to have an experiences specialist broker assess your assets.
Hence, we’re encouraging all 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.
Here’s all the reasons why clubs should submit their asset register…
Know What Your Club Is Worth
One of the most immediate benefits of maintaining an asset register is understanding the true value of what your club owns. Many clubs underestimate the combined worth of their equipment and facilities — until something goes wrong. By recording your assets, you’ll gain a clear overview of your club’s tangible value.
Ensure your club is properly insured
Too often, clients of our competitors discover they are underinsured after a loss due to theft, fire, or damage. If your insurance coverage doesn’t reflect the current value of your assets, your club may not receive enough compensation to replace essential items. Utilising Club Insure’s services and submitting an asset register allows us to help you assess whether your coverage is sufficient and recommend adjustments if needed.
This unique service is free for clients as well as non-clients. It’s also completely confidential and will in no way affect your current position or relationships.
Risk Management
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 due diligence and can be beneficial for meeting compliance requirements.
Simplify Insurance Claims and Audits
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.
Control the risk of Overinsurance
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 have gone down in value. Furthermore many pieces bought new can be bought online, second-hand or over sites such as eBay, for significantly less than new.
Contact Club Insure for a confidential review to assess the suitability of your insurance terms.
Download our Asset Register and Submit it here
We’ve provided an example asset register template to make this process as easy as possible. It includes fields for asset name, location, purchase value, date of purchase, and expected current worth. Simply fill it in with as much information as you can.
Then, if you wish, submit it to Club Insure. We will then assess your club’s expected equipment value.
Taking this small but important step will help protect your club’s future, give you peace of mind, and ensure your insurance coverage reflects the true value of your club’s assets.
1. Download this PDF
2. Fill in your assets
3. Then submit your form here:
