Does anyone perform an audit of bank insurance coverage? It was included as an internal audit area when I took my current position and the program I have seems light. Is it even worth testing? I already test credit life and disability as part of another area.

Thanks for your help!

Are you referring to insurance coverage for the Bank - ie if there's a fire in branch A, is the Bank adequately covered? Credit life and disability are completely different.

If so, a few things to look at are to see if the Bank is adeqautely insured (equipment, buildings, etc), see if they're meeting contractual covenants per the policies, review the claims process and the controls therein, and is an annual report presented to the Board. Those are a few off the top of my head.

Yes, that's what I was referring to. Thank you for your feedback, those are some good ideas to incorporate into the audit.