Civic-ly have shared the following blog:
After speaking with over 100 local councils and insurance professionals, I've discovered that poor asset management is creating serious financial risks. One council faced a £250,000 insurance shortfall when their village hall burned down—all because their valuations were outdated.
Top 5 Asset Management Tips for Councils:
- Update building valuations every 3 years (desk-based) and get physical assessments every 5 years
- Document everything - your insurance policy requirements are stricter than basic regulations
- Be specific in your asset register - avoid vague entries like "playground equipment - somewhere near high street"
- Track maintenance and defects - you need proof you've addressed issues, not just identified them
- Include GPS coordinates and photos - insurers love precise location data and visual evidence
Red flag warning signs:
- Asset register entries without specific locations
- Valuations over 3 years old
- Missing maintenance records
- Unable to locate physical assets listed on your register
The good news? Councils with proper asset management consistently get better insurance terms, faster claim resolution, and fewer coverage disputes.