KSA - Launching the first construction warranty ins. Product
Tuesday, 02 18 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The latest economic research in the constructions sector revealed that the Kingdom of Saudi Arabia is ahead of the States of Arab Gulf countries, and ranked first, where the construction projects exceeded a total of 6 trillion Saudi Riyals last year. They served infrastructure, commercial and residential sectors.
Saudi Arabia is witnessing an accelerated urban renaissance that aligns the kingdom's ambitious Saudi Vision 2030 that aims to revive the construction sector benefiting from economic diversification, social reforms, and people’s demand, as well as government projects. This solid national plan assures the strength and the durability of the Saudi economy.
In response to the construction market needs for insurance protection for both owners and developers, Malath Cooperative Insurance Company studied the optimal product to provide coverage for damages caused by hidden defects that may arise after the completion of construction work.
For the first time in Saudi Arabia, Malath Cooperative Insurance Company has launched an appropriate insurance product that meets the needs of both the real estate developer and/or contractor. This insurance provides protection for the real estate developer or the owner of the building against damages caused by any hidden defects, which may appear after the completion of the construction works. The insurance product will grant tranquility and peace of mind to the clients, and promotes the marketing of the project under the guarantee of an insurance policy officially approved by the legislatures specifically for the property/building even if its ownership is transferred to another party.
Source: Eye of Riyadh