One minor provision that may be overlooked, but which affects asset management plan updating is Section 31A which deals with the insurance of assets.
The legislation states:
Please review our previous January 2014 blog post on Insurance Changes which examines the wider issues, and links to background papers about this issue.
Waugh Infrastructure Management Comment
You will need to decide where this requirement is being met – Long Term Plan (LTP), 30 year Infrastructure Strategy or Asset Management Plan (AMP).
Most AMP’s we have worked with, or reviewed, contain an outline of the insurance of assets in the Risk Section of the AMP.
If this is your practice, then we suggest that you check to make sure that the Section 31A requirements are adequately described in the insurance part of your Risk Section.
If it is not your practice, we would suggest that you ensure that the Section 31A requirements are being met by your Council in another document, and that you provide a linking reference to that document in the Risk Section of your AMP.
If you require further advice or information on this issue please CONTACT US.