Confirmation of the insurance coverage is critical for good governance and probity. The confirmation of coverage should be provided in line with the documentation in Appendix F. The insurance program that has been agreed must be documented. Documentation should include, at a minimum, the:
• name of parties to the insurance contract;
• scope of the cover;
• period of the cover;
• limits of the cover; and
• jurisdiction and territorial limitations of the cover.
As well as documenting the detailed terms and conditions of the insurance program, it is important to keep the documents in a secure location so that there is adequate proof of a policy being in place if a claim needs to be made.