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.
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:
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:
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).
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.
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
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:
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:
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 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.
This insurance provides coverage for:
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:
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:
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
b) accidental loss or damage to property
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 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).
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:
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.
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.
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 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.
Institute Cargo Clauses (C)
It covers loss of or damage to the interest insured attributable to:
It also covers loss or damage to interest insured caused by:
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:
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
This insurance provides protection to the insured under two (2) sections:
The vehicle is insured against accidental loss or damage as a result of:
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;
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;
This insurance provides cover against specified perils on properties, such as:
Being lost and/or damaged due to:
This insurance provides cover against specified perils on properties, such as:
Being lost and/or damaged due to:
In addition to the coverage provided by the All Risks Policy following coverage is provided
This section provides protection against loss of Gross Profit due to:
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.