Asset Management is the key to success in Loss Prevention.
Well maintained buildings, equipment, road surfaces, water treatment plants and waste management sites reduce the potential for losses and insurance claims.
In March 2013 the Northern Communities Insurance Program began developing an Asset Management Program tied to the Appraisal Program within NORCIX. The Appraisal Program was expanded to gather additional information to help communities develop their Asset Management Plans.
- make decisions on the maintenance and sustainability of their infrastructure
- decide on the amount of funding required to maintain infrastructure
- schedule maintenance or replacement of building components
Since NORCIX pays insurance claims, reducing losses and claims safeguards the assets of the fund, and avoids increases in rates. Reducing losses ensures a healthy community-owned insurance fund.
The NWTAC’s contracted appraiser performs site visits on all communities to update their appraisals and gather the additional data required for the Asset Management Program.
This additional date includes:
- GPS co-ordinates for all buildings
- Assessment of the overall and general housekeeping condition of each building
- Life cycle estimates of buildings
- Life cycle of major components of the building such as exterior roof covering, windows, doors, flooring, heating system, exterior siding, electrical, plumbing etc.
- An assessment of where each asset and its major components stand in its life cycle
- Tables showing the current and future cost of replacing each component at the end of its life cycle
- Tables showing the recommended annual contributions required to properly maintain each building
Additional products will be developed for communities, including:
- Maintenance inspection schedules and forms for buildings, mobile equipment and vehicles
- Smart Management Practice Guides