Jo Darling, Mark Plenty, Chantile Smith, Chante Strickland
April 15, 2013
David Cheatham, J. D.
Week Five Team Assignment: Tangible Property Rights
Tangible property is property that is seen and touched outside of fixtures (University of Phoenix, 2010).” Tangible property includes physically defined property such as goods, animals, minerals “(University of Phoenix 2010). The laws in the United States of America provides property owner rights of protection of their assets (University of Phoenix, 2010). In essence, any organization has an implied right to safeguard tangible property from damage or thief, and this is an organizational responsibility. Therefore, a comprehensive strategy by managers must assess the risks associated with doing business in their industry. This is never more apparent than in automotive retailing, tangible property on location can valuate to millions of dollars. Obviously, a coalition that includes a financier, attorney, accountant, and insurance agent would identify areas of concern and present remedies related to the full scope of the business. The common aspect of procuring a strong property and casualty insurance policy is mandated, and regulated. This is the most basic protection management can institute. Moreover, other meticulous methods designed to protect tangible property must be addressed. This composition will confront three issues tantamount for managers to consider, for the success of protecting its tangible property at an automotive store. Tangible Property Protection Plan
Tangible property protection requires six perspectives that managers should consider when formulating a plan to protect its tangible property. Broom (2008) indicates that the areas pertinent to a comprehensive plan are as follows: operations; reputation; regulation; legal; liquidity; and human element. The focus of this submission will discuss inventory, equipment and information....