Property Insurance: All Risk
This policy offers comprehensive cover for industrial units, commercial properties etc. against all risks (including accidental damage) excepting those specifically excluded under the policy. There are two types of policies:
- Accidental damage policy mainly for commercial property.
- Industrial all risks policy mainly for industrial units.
However, both policies specifically exclude any consequential loss.
- This is an all risk cover resulting in damaging the property of the insured other than specifically excluded, this is a Fire policy including Theft / Accidental damage / breakage of glass by default.
Property Insurance: Fire And Additional Perils
This policy provides indemnity for material damage to the insured property resulting from various perils such as fire and lightning, explosion / implosion, impact damage, aircraft damage, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, riots, strikes, malicious damage and earthquake, burglary/theft following upon actual forcible and violent entry or exit from the insured premises.
- This will cover the insured against Fire and named perils such as flood / natural catastrophes, this type is more controllable when underwriting a risk.
Consequential Loss-Property Damage Insurance
This policy broadly covers loss of gross profit on account of interruption of business, consequent upon material damage to property due to fire or any other insured peril under the standard fire, fire and additional perils or all risks policy. This insurance includes cover for increased cost of working following the loss, as well as the standing charges of the business.
Energy – All Large/ Major Risks Insurance
The large petrochemical complexes, state-of the-art power plants, mining operations are fraught with a multitude of risks throughout the development, construction and operation stages and therefore require the most comprehensive and complex insurance covers.
Machinery Breakdown Insurance
This policy covers any unforeseen and sudden physical loss or damage to machinery insured under the policy, against causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit and storm.
Loss Of Profits Insurance following machinery breakdown
This type of insurance covers loss of profits resulting from the interruption or irregular of the work due to an unexpected accident owing to breakdown of machinery.
Boiler And Pressure Vessel Insurance
This policy indemnifies the insured against loss or damage to boilers and other pressure vessels caused by explosion or collapse in the course of ordinary working. Extensions available to surrounding property of the insured, legal liability for third party, bodily injury and property damage etc.
Public and Product Liability Insurance
To indemnify the Proposer in respect of his legal liability for accidental death of or bodily injury to Third Party persons and loss or damage to Third Party Property arising out of the Proposer’s business or occupation.
Tangible products of manufacturers, traders, sellers, are always exposed to the risk of incurring legal liability to pay damages to consumers or third parties for accidental injury to any person and accidental damage to property arising out of the supply of any product from within the Geographical Limits in connection with the Business or Contract specified in the Schedule and where the claim is first made against the Insured during the Period of Insurance.
- This policy covers your liability for third party bodily injury/death and property damage during contract period – it provides extensions suitable for energy and industrial entities/ operations.
Workmen’s Compensation Insurance
Employment related accidents are a part of every business activity, especially where manual labor is involved. Under the Saudi labor law, every employer is liable to pay compensation to their employees towards death or injuries or disease or disabilities sustained by the employees from work-related accidents. The law provides for the quantum of compensation payable for various eventualities such as death / disability.
This policy provides cover to your business establishment against such liabilities towards your employees.
Two forms of covers are available via:
- Cover as per benefits payable under Saudi Labor law and / or Sharia Law.
- Cover as per the benefits payable under Saudi Labor laws and / or Sharia Laws, over and above the compensation available under the GOSI scheme.
Professional Indemnity Insurance
Professionals are considered to be possessing expertise in their line of profession and should exercise proper care while offering the services to their clients. However, as human error cannot be always eliminated, errors and omissions do creep-in in some cases, leading to claims against the professionals for any of their errors or omissions or negligence which may cause financial loss to their clients.
Fidelity Guarantee Insurance
This insurance policy provides cover against financial loss sustained by the insured as a result of acts of fraud or dishonesty committed by the employees of the insured, in the course of their employment. This policy is suitable for covering the dishonesty of employees in the positions of cashiers, accountants, storekeepers etc who handle cash/ stocks of the insured.
This insurance policy provides cover against loss of money (Cash bank and currency notes, cheques bankers, drafts money orders, securities for money current postage and revenue stamps and unexpired units in franking machines all belonging to the Insured or for which the Insured is responsible) :
- whilst in transit.
- whilst on the insured’s premises specified in the schedule.
- whilst in a residence of any principal or director or employee of the insured.
This insurance also provides the following extensions:
- Personal accident assault
- Loss or damage employee clothing and personal effect
- Loss or damage to safes
Contractors’ All Risks Insurance
Contractors’ all risks (CAR) policy is specifically designed to protect the interest of contractors, principals, sub contractors, in respect of civil engineering projects like construction of buildings, bridges, road works, etc. It provides an “all risk” cover. Every risk is covered unless it is specifically excluded.
- As the C.A.R policy can be issued in the joint names of the contractor & the principal, Industrial & Energy organizations are usually in a continuous need of expanding production by constructing new plants, warehouses, Admin Buildings… etc. These construction projects can be covered under the C.A.R policy.
Contractors’ Plant & Machinery Insurance
This insurance covers the unforeseen and sudden physical loss or damage to construction machinery and equipment used by the contractor within the work site, whether these items are at work or at rest or being dismantled for cleaning or overhauling or in the course of the aforesaid operation or in the course of subsequent re-erection after the operation has been tested successfully.
Erection All Risks Insurance
This insurance covers the risks associated with storage, assembly/erection and testing & commissioning of plant and machinery. Erection all risks insurance cover provides a comprehensive cover and all perils are covered unless specifically excluded. The policy can be extended to cover third party liability and other exposures.
Sabotage & Terrorism Insurance
This policy covers any damage and loss to your business premises operational or under construction and erection. We can also offer insurance cover to the structure and / or contents of your home against the acts of terrorism. Loss of income and additional expenses can also be covered.
Marine Cargo Insurance
Marine Cargo (Sea, Air and Land) insurance provides cover for loss or damage to goods in transit either within KSA or imports/exports to and from KSA or a combination of both. Marine Insurance can be provided on “All Risks” or restricted cover basis. Open cover and Single Transit policies are available.