How to check under insurance in case of concurrent auditing

*Ascertain the varioius locations with proof of address( viz., VAT regn/factory address with survey no/door no as per valuation report of L&B...)where stocks are declared to be held and actually  located for omission/discrepancy of address including in the premises where stocks are transferred -Branches,warehouses,subcontract/job work units/various sites in case of infrastructure projects.

*goods received for job work to be identifiable kept seperately and insured as "goods held under trust'

*Verify all items as per stock statements /actual variety of stock as per PV(Physical verification) are included in the insurance policy .RM.WIP,FG,Stores &Spares,packing material.oils,chemicals.cement/wheat/rice in silos.

*Take the stock statement value for say last six months/one year to ascertain the maximum balance during peak season.Coverage should be for maximum value or the consistently maintained stock inside/outside the premises .

*In case of high stock level only for a short period say before export a short term cover is also possible.

*storage bins should also been covered either as part of stock or fixed assets if it forming part of stock -say crates &bottles.

*suitable exemption may be granted for Iron ,granite etc.,

*Stocks should be covered against Fire &allied perils (including flood /earthquake...)and burglary also.

*In case of subcontract stock check as per agreement who has to insure.