More than half of the city's buildings and insurable assets are not insured, meaning the city would have to bear the full cost if disaster strikes. Some vehicles also had expired insurance and registration, leading to penalty payments.

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Original Audit Finding Excerpt

"A total of ₱320,096,997.74 or 79.2% of ₱404,104,347.58 insurable physical assets of the City were not yet covered by insurance from the Government Service Insurance System (GSIS) General Insurance Fund, thus, exposing the City to the risk of not being indemnified for any damage to or loss of properties arising from fire, earthquake, storm, flood, and other force majeure contrary to Section 5 of Republic Act (R.A.) No. 656, otherwise known as the “Property Insurance Law”, dated June 16, 1951, as amended by P.D. No. 245."

Source Document