Delayed Filing and Renewal of Insurance Policies
Department of Public Works and Highways · 2023
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What Happened?
Category: Asset ManagementIssue: Non-complianceEven when some properties were insured, the offices often renewed their policies late. For example, one renewal was delayed by 274 days. During those gaps, if something happened to the properties, the government could not claim any insurance money.
Why It Matters
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Original Audit Finding Excerpt
"Further verification also showed that eight DEOs incurred delays ranging from 2 to 274 calendar days (CDs) in the filing/renewal of insurance policies for its insurable assets with a total amount of P190,322,507.91."