Products

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.

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.

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 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)

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.

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.

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.

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 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.

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 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.

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.

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 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.

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

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

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.

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.