News Middle East27 Oct 2019

Saudi Arabia:Construction insurance policy to be introduced on 20 Dec

27 Oct 2019

The Ministry of Municipal and Rural Affairs will start activating on 20 December the insurance policy for buildings under construction, according to Mr Khalid bin Mohammed Al-Jammaz, the Undersecretary in charge of technical affairs.

The insurance policy was approved in cooperation with the Saudi Arabian Monetary Authority, reported the Saudi Press Agency.

Mr Al-Jammaz explained that the policy aims to protect the rights of beneficiaries with respect to their property and facilities, and protect them from the expected dangers, such as natural disasters and storms. It would cover losses resulting from inherent defects that lead to damage to the building, in accordance with conditions and exceptions described in the document, based on the data provided from inspection of the work of contractors and engineers.


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