Products

Products

Aviation

This Insurance provides protection for the operation of aircraft and the risks involved in aviation.

The coverage under this class is combination of property insurance on the hull of an airplane and liability insurance in the following manner.

  • Property coverage provided on an all risks basis or on a specified perils basis for the hull, and any other equipment in the airplane.
  • Liability coverage provided in the event that the insured’s negligent acts and/or omissions result in bodily injury and/or property damage to passengers and individuals who are not passengers.

Energy

This insurance provides coverage for a wide range of activities within the upstream and midstream sectors of oil and gas industry. Operations covered include exploration, production, processing and transportation, both on and offshore

The coverage is provided under a package operations policy as under:

Section – I: Asset Protection
  1. All Risks Property
  2. All Risks Cargo
  3. Loss of Revenue/Extra Expenses
Section – II: Contingent Liability Protection
  1. Cost of Well Control
  2. Data Protection (DTP)
  3. Errors and Omissions – Data Processing Services (EOD)
  4. Errors and Omissions – Oilfield Services (EOE)
  5. Environmental Impairment Liability (EIL)
  6. Pollution Clean-up and Control (PCC)
  7. Radioactive Contamination (RAD)
  8. Well Loss / Damage (WLD)

Medical Insurance

This insurance provides cover for the costs of providing Healthcare to the insured persons to the extent and in the network of medical services providers appointed by the Company.

Recoverable expenses shall mean the actual costs incurred for services, supplies and equipment, not excluded in section – 3, prescribed by a licensed doctor for a disease occurring to the beneficiary, provided such expenses are necessary, reasonable and customary in the time and place of their occurrence. Accordingly, the recoverable expenses shall include:

1) Health Benefits:
  1. All costs relating to medical consultation, diagnosis, treatment and medicine as shown in the policy schedule
  2. All costs relating to hospitalization including surgeries and Same-day surgeries or treatment as well as obstetrics and delivery.
  3. Treatment of dental and gum diseases.
  4. Preventive measures such as vaccinations including seasonal vaccinations and maternity and child care in accordance with instructions issued by the Ministry of Health (provided for in the Annex attached to this Policy.
  5. Acute Psychological disorders within the limits specified in the policy schedule
  6. Cases of Contagious diseases requiring isolation in hospitals as specified by the Ministry of Health.
2) Costs of the preparation and repatriation of the corpse to home country specified in the labour contract.

Trade Credit Insurance

Trade Credit Insurance covers suppliers (manufacturers, trading companies and providers of services) against the risks of non-payment of their account receivables with local and foreign customers (buyers).

Benefits
  • Protecting the company against bad debt.
  • Developing new markets, customers or industries.
  • Selectively extending longer credit terms to existing customers and increasing credit limits and sales.
  • Developing and growing export accounts safely and competitively.
  • Domestic and export trade receivables are very often the largest asset of a company. Why does your company protect its fixed assets against fire, theft, earthquake etc.

Engineering

Contractors All Risks Insurance

This type of insurance is for all kind of construction projects such as Residential & Office Building, Hospitals, Factories, Power Plants, Roads and Railway facilities, Airports, Bridges and Dams etc.

This Policy provides cover to (Contractors and their Sub-Contractors) against any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded, to the projects property.

Also it indemnifies the insured in respect of legal liability toward third parties for accidental bodily injury to or illness and/or accidental loss of or damage to property belonging to third parties occurring in connection with the construction works.

This insurance also covers losses arising due to specified natural perils.

The building contracts includes preparatory work on site, such as excavation, grading and leveling work as well as the use of all materials stored on the site which are to be incorporated in the structure.

Contractors Plant And Machinery

This policy is the appropriate cover for heavy machineries/construction Machineries against any unforeseen and sudden physical loss or damage from any cause not specifically excluded whilst at the specified location or in the geographical area mentioned in the schedule.

This insurance will include mixing plants, earth moving equipment, cranes and the like, as well as site vehicles not licensed for on public roads.

Deterioration of Stock in Cold Storage

This policy covers the goods against loss or damage caused by deterioration due to any unforeseen and sudden physical loss of or damage to the contained machinery due to any perils indemnifiable under the machinery breakdown policy in force.

Erection All Risks Insurance

This type of insurance is for all kinds of Erection projects such as machineries erection, heavy equipment installation process. And coverage under this insurance is extended to include testing and commissioning works.

This Policy provides cover to Contractors and their Sub-Contractors against any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded, to the projects property.

Also it indemnifies the insured in respect of legal liability toward third parties for accidental bodily injury to or illness and/or accidental loss of or damage to property belonging to third parties occurring in connection with the erection works.

This insurance also covers losses arising due to specified natural perils.

Engineering Insurance

Engineering Insurance relates to the activities or functions of an engineering firm and are classified in following classes

  1. Contractors All Risks Insurance (CAR)
  2. Erection All Risks Insurance (EAR)
  3. Machinery Breakdown Insurance (MB)
  4. Loss of Profits Following Machinery breakdown Insurance (LOP)
  5. Contractors Plant & Machinery Insurance (CP & M)
  6. Electronic Equipment Insurance (EEI)

Electronic Equipment Insurance

This policy covers the insured electronic equipment whether are at work or at rest, or being dismantled for the purpose of cleaning, overhauling or of being shifted within the premises, or in the course of the aforesaid operations themselves, or during subsequent re-erection, this cover applies after successful commissioning, and it is divided into three correlated sections:

  • Any unforeseen and sudden physical loss or damage from any cause other than those specifically excluded.
  • Loss or damage to the external data media inclusive of the information stored thereon, which can be directly processed in External Data Processing Systems, resulting from any peril indemnifiable due to sudden physical loss or damage.
  • Any additional expenditure incurred for the use of substitute External Data Processing equipment, resulting due to sudden physical loss or damage which gives rise to a total or partial interruption of operation of the External Data Processing equipment.

Loss of Profit Following Machinery Breakdown Insurance

This policy indemnify the Insured against the amount of loss resulting from the interruption or interference of any machinery and/or plant insured in consequence of an accidental loss, indemnifiable under valid Machinery Breakdown Insurance.

The cover provided under this Policy shall be limited to loss of gross profit due to reduction in turnover and increase in cost of working and the amount payable as indemnity shall be:

  • In respect of reduction in turnover: the sum produced by applying the rate of gross profit to the amount by which the turnover during the indemnity period, in consequence of the accident, falls short of the standard turnover.
  • In respect of increase in cost of working: the additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in turnover.

Machinery Breakdown Insurance

This policy covers machineries against any unforeseen and sudden physical loss or damage from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit, storm, or from any other cause not specifically excluded.

General Accident

Fidelity Guarantee Insurance

This insurance protects the employer against the loss sustained by reason of any act of forgery and/or fraud and/or dishonesty of monies and/or goods of the employer on the part of the employee insured during uninterrupted service with the employer. The loss should be detected during the continuance of the Policy or within 6 calendar months of the expiry of the Policy but not later than 6 months after the termination of such employment.

Money Insurance

This insurance provides coverage for:

  1. Loss of cash whilst in locked safe or strong room at the premises of insured.
  2. Loss of cash on premises of the insured out of safe during business hours by hold up or robbery or theft committed by violence or threats in any way of endangering life.
  3. Loss of cash by hold up robbery or theft committed by violence or threats in a day of endangering life of the person carrying the cash whilst the cash is in transit as described in the schedule.
  4. Loss of/or damage to safe(s) within the Insureds Premises caused by burglars, house holders or thieves (by violent means).

Personal Accident Insurance

Personal Accident Policy covers accidental death, loss of limbs, permanent total and partial disablement and temporary total or partial disablement.

The coverage under this policy is worldwide and 24 hours and the available options are:

  • Accidental Death
  • Accidental Permanent Disability
  • Accidental Temporary Disability
  • Medical Expenses following temporary disablement.

The Beneficiary on the policy can be assigned to the company or legal heirs or nominate a persons as required.

The cover is on continental scale basis. Loss of use basis with scale of permanent partial disablement as defined in the cover.

Product Liability Insurance

This insurance provides protection against damages awarded as result of supplied product which later proves to be faulty which causes damage to property or personal injuries caused by the product.

Professional Indemnity Insurance

Professional Indemnity Insurance This insurance cover is intended for professionals providing expert advice and offering intellectual services for a fee, like Designer, Engineers and Planners, Financial advisers and Insurance Brokers and the like.

The cover will indemnify insured in respect of the insureds legal liability to third parties for any third party claim which meets the following requirements.

Any third party claim must:

  • be for compensatory damages, such indemnity to include claimant costs and the insureds approved defence costs and expenses; and
  • be first made against the insured during the policy period; and
  • be for bodily injury, material damage arising from a negligent act, negligent error, or negligent omission committed or omitted or alleged to have been committed or omitted (as the case may be) by the insured during the policy period; and
  • arise out of the ordinary course of the performance of the professional services by the insured in the capacity of a professional
  • Relate to a negligent act, negligent error or negligent omission which was or may have been or is alleged to have been committed or omitted (as the case may be) after the retroactive date specified in the schedule.

Third Party Liability Insurance

This Insurance protects the insured for legal liability claims presented by third parties.

In addition to the indemnity payment to the third party, liability policies also cover the legal defense costs of the insured in a lawsuit, incurred with the consent of insurer.

The company will indemnify the insured for all sums which the Insured shall become legally liable to pay as damages in respect of:

a) accidental Death or Bodily Injury: by any person other than

  • a person employed under a contract of service or apprenticeship with the Insured where the injury or illness or disease arises out of and in the course of such employment. or
  • a member of the Insureds family or household who is directly or indirectly concerned with the Business of the Insured.

b) accidental loss or damage to property

  • actually owned by the Insured or held in trust by the Insured or in his custody control. or
  • that part of any property upon which the Insured or the employees of the insured are or have been working.

arising in connection with the Business stated in the Schedule and occurring during the period of insurance at any place or places to which this Policy applied as stated in the Schedule and caused through the fault or negligence of the Insured or of sub-contractors engaged in the said Business of their employees.

Workmen Compensation And Employers Liability Insurance

The law requires employers to provide compensation to workers who are injured at their jobs or incur job connected diseases. Employers as a rule, must buy insurance that will pay the sums for which they may become liable under these laws

The SAUDI labour law stipulates a list of benefits and compensations for employees that are accordingly covered under this insurance product.

The policy provides protection against any obligations of the employer may have under the Saudi labour law for compensation and protection for the employer should a worker bringing suit under the law of negligence instead of applying for compensation.

Marine

Marine Hull Insurance

Marine Hull insurance covers loss of or damage to hull and/or machinery. (The hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler and electricity generator).

Scope of Cover

Institute Time Clause

Time Clauses covers for a specific period usually 12 months. As the nature and degree of risks which the Insurer run vary according to the kind of vessel, there exist a number of categories in the Time Clauses. They are:

  • Institute Time Clauses (Hull)
  • Institute Time Clauses (FPA)
  • Institute Time Clauses (Total Loss Only)
Institute Yacht Clauses

This clause provides cover for all damages to hull, masts, spars, sails and other equipment on board the yacht but does not include damage whilst the yacht is racing.

Institute Voyage Clauses

This clause provides cover for risks during a voyage from one port or place to another or a round voyage. Voyage insurance is affected only in such cases as delivery voyage of a new vessel to buyer from the shipyard or a voyage of a vessel to be repaired at shipyard. The period of coverage is usually less than a year and the scope of coverage is almost identical that of time policy.

Builders Risk Insurance

This type of insurance provides cover whilst vessel is under construction. During that period, it is exposed to risks such as fire, tidal wave, capsize or failure in launch. It is also exposed to collision, and sinking on a trial trip. The builder’s risk insurance affected by shipyard provides cover against all such risks. The insured value is the contract price or the estimated completed value of the vessel if there is no contract price. The period of insurance is from the time of inception of the construction to the time of delivery.

Marine Cargo Insurance

Marine Cargo Insurance refers to the insurance of goods shipped from one place to another, anywhere in the world.

Coverage is usually effected on a “per voyage” basis i.e., from the time the goods leave the premises of the seller till the time they finally arrive at the buyer’s premises. There is no period specified in the policy.

Coverage can either be affected by the buyer or the seller depending on the contract of sales. There are different types of recognized Sale Contracts.

Types of coverage available are

Institute Cargo Clauses (C)

It covers loss of or damage to the interest insured attributable to:

  • Fire or explosion
  • Vessel being stranded, grounded, sunk or capsizedOverturning or derailment of land conveyanceCollision or contact of vessel with external object other than waterDischarge of cargo at a port of distress

It also covers loss or damage to interest insured caused by:

  • General Average Sacrifice
  • Jettison

Institute Cargo Clauses (B)

In addition to coverage provided under “C” policy, it also covers loss or damage to goods insured attributable to earthquake, volcanic eruption or lightning and loss of or damage to interest insured by:

  • Entry of sea, take or river water into vessel
  • Total loss of any package lost overboard or dropped whilst loading on to, or unloading from vessel.

Institute Cargo Clauses (A)

It covers all fortuitous losses of every description but excludes loss, damage or expense proximately caused by delay, inherent vice or nature of the goods.

Type of Marine Cargo Insurance Policies

  • Individual PolicyThese policies issued on each and every shipment upon request by the Assured.
  • Open Cover PolicyThe Open Policy is a continuous policy that is issued on certain date and remains in force until cancelled. The policy provides automatic protection for all shipments described in the policy.

Motor

Comprehensive Insurance

This insurance provides protection to the insured under two (2) sections:

Section – I: Accidental Loss or Damage

The vehicle is insured against accidental loss or damage as a result of:

  • Accidental collision or overturning
  • Fire, explosion, self ignition or lightning
  • Loss or damage by theft following forcible appropriation
  • Malicious acts

 

Section – II: Liability to Third Parties (for more details about Road assistance free services Click here)

Indemnification to the insured is provided against legal liability for compensation in the event of an accident caused by the use of the vehicle including legal costs of any expenses which the insured shall become legally liable to pay for;

  • The death and/or bodily injury to any person
  • Damage to property

Third Party Liability Insurance

Indemnification to the insured is provided against his legal liability for compensation in the event of an accident caused by the use of the vehicle including legal costs of any expenses which the insured shall become legally liable to pay for;

  • The death and/or bodily injury to any person
  • Damage to property

Property

Fire Insurance

This insurance provides cover against specified perils on properties, such as:

  • Residential
  • Commercial &
  • Industrial

Being lost and/or damaged due to:

  1. Fire
  2. Lightning or
  3. Explosion

Fire And Special Perils

This insurance provides cover against specified perils on properties, such as:

  • Residential
  • Commercial &
  • Industrial

Being lost and/or damaged due to:

  1. Fire
  2. Lightning
  3. Explosion (of Domestic Boilers)
  4. Strikes & Riots Damage
  5. Explosion
  6. Aircraft or other aerial devices or articles dropped there from.
  7. Earthquake
  8. Storm or Flood
  9. Escape of water from any tank apparatus or pipe
  10. Impact Damage
  11. Burglary

All Risks MD & BI

In addition to the coverage provided by the All Risks Policy following coverage is provided

Section – II: Business Interruption

This section provides protection against loss of Gross Profit due to:

  • Reduction in Turnover and
  • Increase in cost of working

Caused as a result of interruption of or interference with the Business carried on by the insured at the premises in consequence of loss or destruction of or damage to property indemnifiable under the material damage section of the policy limited to the indemnity period.

All Risks

This insurance provides coverage for reinstatement or replacement of the insured properties (residential, commercial and industrial) being accidentally lost, destroyed or damaged by any cause other then the specified exclusions.