User wants to add custom form fields to the projects to help track data such as insurance and portfolio summaries. What is the best way to do this? Is there a way to include custom form fields in reports?

You can create and manage various types of custom form fields in Settings > Display & Formatting > Custom Form Fields, such as Text Box, Memo, Drop-down, etc. You can also add custom form fields to your records, such as employee, project, time entry, etc. from their respective screens. Check out the Help Guide for more.

These custom form fields are also available in the reporting module. You can use your custom form fields to filter the data on the reports.