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Implication of inadequare insurance coverage

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 August 2011 how to calculate adeqacy of insurance coverage.
Will there be any implication in audit report/ notes to accounts if insurance coverage is not adequate
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Preety Parik

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Preety Parik (Expert)
04 August 2011 1. The Policy Amount of the Insurance should be equal or more than the cost of the Asset. If there is total loss to the Asset, then same can be compensated by the Insurance Cover
2.No reporting is required on the insurance cover in Audit Report/ Notes to Account.
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