Thanks for the input, it is really appreciated. Question, is it an audit requirement?
Original Message:
Sent: 04-11-2023 04:52 PM
From: Ashley Balletto
Subject: Insurance Policy Expiration Date
We just got done going through a VM Audit and this was one of the "findings" where insurance policies expired throughout the year but we didn't have updated insurance to verify the vendor was covered.
Our system has the ability to send an email reminder 30 days before the COI is due to expire but only if the dates are input. I'm working on getting this cleaned up in our system so there is no issues going forward.
Original Message:
Sent: 04-11-2023 04:38 PM
From: Cheryl Turner
Subject: Insurance Policy Expiration Date
I get the updated policies as they expire, as we don't review all of our vendors every year and insurance expires every year.
Our system monitors the expiration dates on policies and I set up notification reminders so I can reach out 7 days prior to expiration.
I have a template I created that asks for the insurance and also for us to be listed as Certificate Holder. Not all can do that, but for those that do, it helps to ensure we get our renewals automatically.
I'd hate for something to happen because we didn't get a renewal and then we find out they are not insured.
I hope this helps
Sincerely,
Cheryl Turner
Cheryl Turner, CRVPM II
Vendor Manager
Original Message:
Sent: 4/11/2023 2:45:00 PM
From: Anonymous Member
Subject: Insurance Policy Expiration Date
This message was posted by a user wishing to remain anonymous
We do our annual due diligence off of the date of the auditors letter included in the SOC report and base all other tasks off that date. I notice many of the Insurance Policies expire before the next due diligence period. Should I be getting updated policies when they expire or is it ok to wait and get it when the due diligence period comes up for that vendor? Wondering how others are working that process. Thank you