Procurement collected certificates of insurance from contractors at onboarding three years ago and never rechecks them at policy renewal. What control gap does this create?
Select an answer to reveal the explanation.
Short Explanation
A COI from three years ago is like a milk carton with last decade's date — filing it once doesn't keep the coverage fresh. You have to track renewals or you're trusting a ghost policy.
Full Explanation
Certificate-of-insurance programs are living controls. Coverage terms, limits, and expiration dates change; without renewal tracking, the organization may rely on lapsed evidence of transfer. Effective practice monitors expirations and obtains updated COIs (and endorsements) before work continues.