Property Asset Schedule Help Guide

The Property Asset Schedule is completed each year by you, the insured Agency and provides QGIF with detailed information about your Agency’s insurable assets.

It is important you provide accurate and complete information as the data is used by us to assess the level of risk and calculate an appropriate premium commensurate with that risk.  In addition, the information contained in the Property Asset Schedule is collated into a Whole-of-Government Asset Schedule and forwarded to reinsurers in accordance with our reinsurance reporting obligations.

When completing your Property Asset Schedule, please declare all:

  • buildings owned by your Agency
  • assets located in a building owned or leased by your Agency
  • assets you are required to insure under a lease agreement
  • assets not located in a building such as mobile equipment, plant and equipment in the open air, unregistered tractors etc.

The following assets should not be included in your Agency’s Property Asset Schedule as these are not covered under QGIF’s Property section (unless their inclusion is specifically agreed to by QGIF).  These include:

  • aircraft (include in Aviation Schedule if applicable), except remotely piloted aircraft (e.g. drones)
  • bridges and tunnels
  • registered motor vehicles
  • buildings/structures under construction
  • canals and dredged channels
  • crops
  • culverts
  • dams and reservoirs
  • groynes
  • land
  • livestock, animals
  • pasture
  • railway tracks
  • revetments
  • roadways
  • standing timber
  • vegetation
  • walkways and tracks
  • watercraft (include in Marine Asset Schedule if applicable)
  • works in progress

The following help guide provides additional information to assist you in completing your Agency’s Property Asset Schedule.

  • Asset ID

The Asset ID is the unique identifier code used internally to identify the asset.  It may be either the SAP ID, Location Code or UI Number.

Asset Detail and/or Building Name

The Asset Detail and/or Building Name is the description used to identify the Asset.  It can include:-

  • name of the building (e.g. Executive Building)
  • type of content, plant or equipment item (e.g. mobile machinery, office fitout)

Location

This is the physical location of the asset, or, for portable equipment, the location where it is most regularly used or housed.  Where applicable, please include:

  • floor/level number
  • street number
  • street name
  • suburb/town

e.g. Level 9, 33 Charlotte Street, Brisbane

Postcode

The postcode where the asset is located, regularly used or stored.

Occupancy

Occupancy is the description of the purpose for which the asset is being used.

E.g. office, research facility, social housing, government employee housing, storage, retail, art block.

Geo code

The Geo Code (Geographical Code), if applicable, indicates the physical location of the asset by latitude and longitude and is to be in coordinate format.  Coordinate format is the pair of latitude and longitude with a minus sign (-) for the direction South Latitude and East Longitude, e.g. -27.472595  153.025506

Construction Information

Building construction – the primary construction material of the asset e.g. cement, brick, timber, steel, metal.

Roof construction – the primary construction material of the roof e.g. tile, iron, cement, shale.

Year of construction – the year the asset was originally constructed plus dates of any completed renovations.

Number of storeys – if the asset is multi-storey and owned by your Agency, please advise the number of storeys.

Building/Structure and/or site improvements (building)

The value identified to replace the building, structure and/or site improvement in the event of a total loss.

Replacement value is required as QGIF settles claims on a reinstatement or replacement basis.

Replacement value is equivalent to the rebuilding cost of the structure and/or site improvement at today’s value.  It is not the book or purchase value of the asset.

The replacement value is to exclude land and/or vegetation value.

Contents, Plant and Equipment (contents)

Contents, plant and equipment includes, but is not limited to, office fit-out, office furniture, portable items, tools, electronics, computers and printers, servers, computer applications, software, air-conditioning plant.

When deciding whether to include software, you need to determine if the software can be readily reinstalled via a back-up system or under a license agreement.  Your agency’s IT area should have the answer.  If the answer is yes, than it does not need to be included in the asset schedule.  It is expected that agencies will have appropriate risk management practices in place to minimise the risk of loss.

Replacement value is the value required to purchase the item as new since QGIF settles claims on a reinstatement or replacement basis.  If replacement value is not available, please provide the acquisition value and not the depreciated book value.

Stock/Inventory value (stock)

The value identified to replace stock/inventory, raw materials or stock for sale.  If replacement value is not available, please note the acquisition value.

Agency Name or Business Unit

The department or business unit/division which is responsible for the asset.

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