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One council faced a £250,000 insurance shortfall when their village hall burned down—all because their valuations were outdated.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:

1. Update building valuations every 3 years (desk-based) and get physical assessments every 5 years

2. Document everything - your insurance policy requirements are stricter than basic regulations

3. Be specific in your asset register - avoid vague entries like "playground equipment - somewhere near high street"

4. Track maintenance and defects - you need proof you've addressed issues, not just identified them

5. 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.

Read the full insurance industry insights and real-world examples that shaped these recommendations →