EBU Single Rulebook Q&A 21 March 2016 2016_2685 Definition of “effective procedures” to monitor that the property taken as credit protection is adequately insured against the risk of damage.

What are the minimal criteria of adequate insurance of property against the risk of damage that the "procedures" should consist of in order to be assessed as effective? A credit institution has effective procedures in place to monitor that the property taken as credit protection is adequately insured against risk of damage and, in case of incompliance, effectively takes adequate remedial actions.