MUSCAT: The Ministry of Finance has recently announced the introduction of three significant circulars aimed at strengthening the insurance framework for government assets. These circulars, set to take effect from April 1, 2025, will require mandatory insurance coverage for government vehicles, imported goods, and the contents of government safes. The move comes in response to a growing need for better risk management and financial protection for the government’s valuable assets.
The first circular mandates that all government vehicles be insured against damage, theft, or any unforeseen circumstances that might affect their operation. This policy ensures that public assets, which are often used for essential services, are safeguarded against financial losses due to accidents or incidents. The circular applies to all government-owned vehicles, including those used by various ministries and departments.
The second circular pertains to the mandatory insurance coverage for imports entering the country for government use. This policy aims to ensure that imported goods, ranging from raw materials to essential supplies, are protected during their transportation and while in storage. The coverage will extend to damages that might occur during the shipping process or while the goods are under government control, ensuring that the government does not bear the financial burden of such losses.
The third circular addresses the insurance requirements for government safes, which store valuable documents and sensitive information. Under this new mandate, the contents of these safes will be insured, providing coverage against risks such as theft, fire, or other unforeseen disasters. This measure reflects the government’s commitment to maintaining the security and integrity of its sensitive materials, ensuring that there are financial safeguards in place to protect them.
