Provides coverage for hull losses as well as liability for passenger injuries, environmental and third-party damage caused by aircraft accidents. Other;.
Aircraft Hull & Liability
Aviation and Aerospace Overview
Aviation Products & Completed Operation Liability
Aviation Workers’ Compensation
Space
Comprehensive General Liability
The General Liability policy would provide insurance cover for liability to pay damages and costs from the following:
“Injury” means death, bodily injury or disease or to any person.
“Damage” means loss of possession or control of or actual damage to tangible property.
“Pollution” means pollution or contamination of the atmosphere or of any water, land or other tangible property.
“Product” means any property after it has left the custody of the Insured which has been designed, specified, formulated, manufactured, constructed, installed, sold, supplied, distributed, treated, serviced, altered, or repaired by or on behalf of the Insured but shall not include food or drink supplied by or on behalf of the Insured.
“Product Recall” insurance is a separate policy to the General Liability policy and provides covers for the following:
Accidental Contamination
Malicious tampering
Product Extortion
Government recall
This specialist cover will pay for consultant and advisor costs, recall costs and
expenses amongst other things.
Contractors All Risk
RISK COVERED:
The policy covers two sections:
Section I - Material damage
The policy covers physical losses, damages or destruction of property due to any cause other than those specifically excluded in the policy
Section II - Third-party Liability.
The policy covers the legal liability falling on the insured contractor as a result of
physical injury or property damages suffered by a third party.
Extensions:
Removal of debris expenses
Architects fees
Addition of assets capital
Cover on Reinstatement Value (New for Old)
Contractors Plant and Machinery
RISK COVERED:
The policy covers two sections:
This policy covers sudden, accidental, and external damages to the machinery insured, due to any cause other than what has been specifically excluded from the policy. The policy covers machinery used, whether operating or not, whilst being dismantled for the purpose of cleaning or overhauling, whilst being moved within the premises or during subsequent re-erection. The policy only insures machinery after an initial successful commissioning
Cyber Security Risk
A Cyber Insurance policy, 'Cyber risk' to cover any risk of financial loss, disruption or damage to the reputation of an organization from some sort of failure of its information technology systems.
Extensions:
Physical loss or Damage
Liability to Third parties
Data restoration costs
Loss of revenue
Customer notification and credit monitoring services
Regulatory defense costs including fines and penalties
Cyber extortion costs (ransoms)
Reputation management costs
Deterioration of Stocks
RISK COVERED:
A rise or fall in temperature as a result of:
Damage to or a fault in the refrigeration system.
Damage to the structure of the cold chamber.
Accidental failure of the public electricity supply to the premises of the insured.
Failure of the electrical installation connecting the refrigeration machinery and controls to the electricity supply.
Extensions:
The policy covers the action of refrigerants or refrigerant fumes that have escaped from the system.
Eletronic Equipment
RISK COVERED:
Fire
Lightning & Explosions
Electrical & mechanical breakdown
Flood & water damage
Extraneous impact & collision
Cyclones, storms& other atmospheric disturbances
Burglary & theft
Failure or air-conditioning equipment
Negligence, faulty operations, carelessness
Riots, strikes & malicious damages
Entry of foreign bodies or dirt
Extensions:
Escalation
Express freight
Airfreight, additional custom duty
Third party liability
Owners surrounding property
External data media
Increased functioning costs
Environmental Liability
RISK COVERED:
Bodily injury (mirrors and sometimes enhances the definition used in the general liability (GL) policy)
Property damage (mirrors and sometimes enhances the definition used in the GL policy)
Cleanup expenses (usually as required by environmental laws with available enhancements by class of business)
Defenses costs (usually included within the limit of liability)
Erection All Risk
RISK COVERED:
Coverage is on an 'all-risks' basis, including: Fire, lightning, explosions, aircraft damage o Riots, strikes, malicious acts
Floods, inundation, storm, cyclone and allied perils
Landslide, overflows and rockslides
Burglary and theft
Faults in erection
Human errors, negligence
Short circuiting, arcing, excess voltage
Electrical and mechanical breakdown
Collapses, damages due to foreign objects, damages caused by impact
Any other sudden, unforeseen, and accidental damages that were not excluded explicitly
Extensions:
Cross liability
Third-party liability
Removal of debris expenses
Express freight, overtime charges
Air freight
Additional customs duty
Escalation
Owners' surrounding property
Storage risk at fabricator's premises
Maintenance cover
Event Liability
RISK COVERED:
Revenue or expenses from an event against cancellation, postponement, curtailment, relocation or abandonment of the event due to reasons beyond the control of the event organizer.
The policy is an “all-cause” coverage and can protect against severe weather conditions (hurricanes, tornados, severe winter storms, etc.), venue unavailability (due to fires, floods, power outages, etc.), threats or acts of terrorism, communicable disease outbreaks, earthquakes, wildfires, labor strikes, non-appearance of a key person and more.
Fidelity Guarantee
RISK COVERED:
Dishonesty
Fraud
Loss of property
Loss from loans or trading
Extensions:
A change in circumstances or conditions of the given employment without company's consent
Losses arising outside KSA
Losses due to negligence and no monitoring and control
Losses by an act committed subsequently to an earlier act of dishonesty/fraud which had come to the notice of the insured party's representative/supervisor
Discovered more than 12 months after the termination of either the guarantee or the service of employee concerned
Caused by an employee after discovery of previous fraud or dishonesty
Inventory losses
Losses resulting directly or indirectly from trading securities in your name by means of a genuine or fake account
Consequential losses of any nature
Any form of legal liability
Forestry Insurance
It covers business interruption and common risks that can impact your
business, such as fire, malicious damage, and injury. Forestry Insurance is specially designed for
foresters, forest owners, contractors, sawmill companies,
harvester and forwarder operators, and paper and pulp companies.
Group Health Insurance
RISK COVERED:
All customary medical expenses incurred during hospital confinement for surgical or medical treatment, including:
Maternity: Normal and caesarean delivery, legal abortion and miscarriages
Emergency: Immediate need for treatment due to an accident, Injury or Illness
Ambulatory Plan covering the diagnostic tests and treatments (Labs, X – Rays, Scanners, MRI etc…) which do not require hospital confinement)
Prescription Medicine Plan covers the medication prescribed by physicians
Doctor’s Visit Plan covers Consultation fees and expenses at Clinic or at Home related to the medical services rendered
Dental treatment
Vision
Extensions:
Coverage available outside KSA
Personal Accident
This policy covers death / disability arising out of an accident. The cover can be given on a 24 hour basis and a worldwide basis as well to employees during their vacation / business trips. Disability cover is also available for permanent total, permanent partial and temporary disabilities. Moreover,
the policy can further be extended to cover the following additional benefits:
Repatriation expenses of mortal remains following death or permanent total disability of the insured members.
Accidental medical expenses
Inherent Defect Liability
RISK COVERED:
IDL provides protection against “Damage” that is caused by an “Inherent Structural Defect”. The cover is only offered for new buildings or civil structures.
It covers mainly:
The cost of repairing/restoring of the insured building
The cost of strengthening of the insured building
Land Transit - Road Risk
RISK COVERED:
The policy covers the losses occurring to the goods during transport by road owing to an accident covered by the insurance and resulting in overturning, fire or collision of a vehicle with a carrier, leading to damage of the cargo loaded on the goods-carrying vehicle.
It is essential to note that inland Transit insurance coverage only includes those goods which are being transported by land, like trucks, cargo vans, trains, etc. It means sea and aerial modes of transports are not covered under the policy. Usually, the policy offers for goods which are being transported domestically.
Life Insurance
RISK COVERED:
Death of Any Cause - DAC
Accelerated Death or terminal Illness Benefits
Ancillary Benefits:
Accidental Death Benefits
Permanent Total Disability-PTD
Permanent Partial Disability-PPD
Repatriation Expenses
Passive War Risk- is included for death benefits only
Machine Breakdown
RISK COVERED:
The policy covers all kinds of electrical and mechanical breakdown resulting from the following incidents:
Faulty material/labor work of the machine.
Action of centrifugal forces that disrupt rotating parts.
Failure of lubrication due to malfunctioning of lubricating oil pumps or their breakdown.
Malfunctioning or failure of safety devices.
Electrical short-circuiting including electrical fire originating from failure of insulation, as well as over-voltage or under-voltage conditions.
The abrupt and sudden stop of other connected machinery.
Entry of foreign bodies into a running machine.
Inexperienced operations that lead to damage due to an error of judgment or operation.
Extensions:
Damage to machinery's foundation
Damage to oil in electrical apparatus
Express freight (excluding air freight), holiday rates, overtime charges.
Air freight
Additional custom duty i.e the additional percentage of duty payable at the time of reimport for replacement over and above the percentage of duty included in the original sum insured.
Damage to the insured individual's own existing property or property in his custody or control due to any damage to the insured machines covered under the policy.
Third party liability i.e. liability falling on the insured for bodily injury to any other party other than those covered by the policy or for property damage belonging to such other party.
Marine Cargo (Sea, Air & Land)
RISK COVERED:
Sea perils
Fire & explosions
Violent theft
Piracy
Breakdown due to accidents resulting from nuclear installations
Contact with aircraft
Earthquakes, volcanic eruptions or lightning Loading accidents
Boiler bursting
Shaft breakage
Negligence of masters /repairers /charterers
Marine Hull
This type of insurance provides covers against loss and/or damage to vessels/ ship’s hull and machineries, materials and other equipment of the vessel including collision/TPL risks.
This Insurance against the risks to which the ship may be exposed will be for a specified period of time, usually for one year, or for a certain journey, The ship hull insurance policy covers marine risk,
which is a risk arising from navigation or linked to the sea. It also covers the dangers of the sea, such as ship sinking, stranding and maritime collision due to bad weather conditions.
It also covers threats that may occur at the sea such as fire, explosion, theft and piracy.
Comprehensive insurance policy on yachts
It provides the insurance coverage for the insured’s yacht against all marine risks, including Third Party Liability and can be extended to include the ship’s crew.
Marine hull insurance cover include Third Party Liability
The policy provides coverage to the insured regarding their liability towards third party claims for bodily injury and/ or property damage.
Medical Malpractice
RISK COVERED
While diagnosing
When giving treatment recommendations
When prescribing medicine
When conducting surgical operations
During other medical actions
Covering costs of defending lawsuits related to such claims
Extensions:
Illegal conduct
Sexual improprieties
Items misrepresented on the application for insurance
Hospital or laboratory administration and records alteration
Money Insurance
RISK COVERED:
Loss of money in transit by the Insured or insured party's authorized employee(s), due to robbery, theft or any other fortuitous cause
Disappearance of money from safe due to burglary, housebreaking, robbery or hold-up, provided that the limit of the company's liability for any one loss does not exceed the amount specified in the policy purchased
Extensions:
Pollution Hazards
3/4th Collision Liability
General Average and Salvage
Sue and Labor
Constructive Total Loss
Motor - Comprehensive
Motor Comprehensive: For all on-road vehicles to provide pecuniary protection against physical damage and body injury which resulted by a road collision, indemnifying the insured towards their liability.
RISK COVERED:
The liability of the insured against bodily injury and material damage towards; vehicles and passengers, pedestrians & property incurred damage to; &
Own Damage to vehicle of the insured for any fortuitous losses or damage;
Motor - Third-Party Liability
Motor TPL: Motor Third Party Liability is mandatory cover for all motor vehicle under KSA Law.
RISK COVERED:
The liability of the insured against bodily injury and material damage towards; vehicles and passengers, pedestrians & property incurred damage to.
Sabotage, Terrorism & Political Violence
RISK COVERED:
An act of terrorism and/or sabotage;
Malicious damage;
Riots, strikes, civil commotion;
Invasion, acts of foreign enemies,
hostilities (whether war be declared or not) civil war, rebellion, revolution, coup d’État , insurrection or mutiny;
war
Extensions:
Vandalism
Looting or theft unless such vandalism.
Professional Indemnity
RISK COVERED:
Professional Liability/Indemnity is protection for professionals to cover liability as a result of errors and omissions they commit during the course of their work.
It covers mainly:
Alleged or actual negligence
Defense costs
Personal injury
Temporary staff and independent contractors
Claims arising from services provided in the past
Claims and damages
Property All Risk
SECTION I : Material Damages
Material damage cover insures the physical assets of the business against accidental loss or damage. It is often purchased as part of a
broader business insurance solution and includes both Indemnity and replacement covers. Theft and fraud cover can be included.
Business interruption insurance is insurance coverage that replaces business income lost in a disaster. The event could be, for example, a fire or a natural disaster.
Business interruption insurance is not sold as a separate policy but is either added to a property.
RISK COVERED:
Fire
Lightning
Explosion
Aircraft, or other aerial devices or articles dropped there from Impact by vehicles, watercraft, locomotives or rolling stock.
Workmen’s compensation is designed to protect both the employee and employer and also eliminates the need for litigation action by providing an agreed approach to resolution.
Two definitions for workers compensation are provided below:
Courtesy of Investor Words A system of compensation for work-related injuries or death, paid for by employer compensation insurance contributions.
Courtesy of Workers’ compensation is insurance paid by companies to provide benefits to employees who become ill or injured on the job. Through this program, workers are provided with benefits and medical care, and employers have the assurance that they will not be sued by the employee.
Travel Insurance
A program duly approved by the Shraiah Committee for the provision of insurance cover for travelers on international flights in respect of the risks related to travel outside Saudi Arabia, as the travelers may suffer losses due to a series of incidents such as the cancellation or curtailment of the trip, missed departure, loss of baggage, delayed baggage or its arrival in appropriate time. It also includes coverage for emergency medical expenses, personal accident, or personal public liability according to the terms, conditions and exclusions set forth in the insurance policy.
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