Your employees and their families can access to the best quality health services in Al Sagr Medical Insurance Plan as per CCHI medical coverage. Our range of group health insurance schemes meet benefit needs and budget requirements of different employers. The basic health insurance scheme covers:
Lab tests and investigations
Al Sagr Medical Health services feature:
Wide range of benefits tailored to meet clients’ benefit needs and budget concern.
Access to Al Sagr’s comprehensive medical network of quality hospitals and physicians across the Kingdom and abroad.
Personalized membership cards and network directory booklets.
In order to serve our customer better we have partnered with Saudi NEXtCARE
Specialising in medical claims management which means that you have access to:
Fast medical approvals and reimbursement using cutting edge technology.
A team of dedicated professionals in the field of medical insurance service
Saudi NEXtCARE shall handle the day-to-day management of your Medical Insurance Plan 24/7.
Motor Insurance deals with the insurance of vehicles licensed to be driven on public roads. The use of motor vehicles has become an important aspect of everyday life which compelled the authorities in the Kingdom to impose third party liability motor insurance.
The compulsory insurance policy indemnifies the insured’s legal liability when involved in a traffic accident. Our motor insurance policy product responds to the requirements of the Saudi Legislators in that Al Sagr Cooperative take care of the third party up to an amount which you as an insured become legally liable to pay in damages within the limits stipulated by the compulsory insurance law.
Al Sagr Cooperative has developed its motor insurance product to cater for:
Own damage of insured vehicle
Third party liability – property damage and bodily injury
We insure the vehicles whilst driven within the Kingdom of Saudi Arabia and offer extensions to territorial limits of neighboring countries, like Gulf States, Lebanon, Jordan, Egypt and Turkey for own damages.
Contractor’s All Risks & Erection All Risks Insurance
The CAR and EAR policy plans are designed for covering construction and erection including but not limited to:
Industrial Buildings, Factories and Plants
Water Supply and Drainage Systems
Road, Railway Facilities and Airports
Bridges and other steel structures
What differentiates between the CAR or EAR policy is the nature of works that are to be insured. The CAR policy covers construction works while the EAR policy covers erection works.
Under both types of policies, Al Sagr Cooperative commits to compensate insured when property insured is lost or damaged from an insured peril including liability to third parties be it physical injuries or deaths, and/or property loss or damage.
Shipments, both, export/import are carried through various modes of transportation and are exposed to a number of risks throughout the period of transit. In case the cargo in transit suffers physical loss or damage, such resultant loss or damage, may hamper routine trade activities.
In order to ensure smooth trading operations we, at Al Sagr Cooperative insurance Company, provide various types of Marine Cargo Insurance against such physical loss or damage to cargo.
Marine Cargo Insurance provided by us depends on various factors such as nature of the cargo, mode Types of Cargo Policies
Open policy is usually issued for export/import shipments. It is a continuous contract for12 months and renewable annually, whereby the insurance company agrees to provide insurance cover to all shipments coming within the scope of the policy. As and when shipments are declared, certificates are issued as evidence of the contract.
Policy issued to cover a single voyage or transit before the voyage starts.
Annual Goods in Transit Policy:
This is twelve months policy and is issued to cover specified goods in transit by land within a specified agreed territory.
Specific /Individual Land Transit Policy:
Similar to cargo policy, specific /individual Land Transit Policies can be issued to cover individual shipments by land.
Casualty insurance is for losses and liabilities which are a result of unforeseen and direct accidents. This category of insurance is quite broad. It encompasses a range of situations and fields within the insurance industry. Typically, casualty insurance covers both damages to property and people as the reader may deduce from the brief descriptions given below for each typical casualty policy. A point worthy our emphasis is that casualty insurance that includes personal liability can be useful to business owners and homeowners.
1. Workmen’s Compensation & Employer’s Liability Insurance – (WC & EL) The insurance policy (WC) is designed to compensate the employer (insured) direct expenses and wages or salaries he pays to employee(s) with work related injuries. Liabilities to employees in respect of injuries suffered by them arising out of and in the course of their employment subject to rulings of Labor Office. WC Insurance policies normally accommodate employer’s liability coverage within its structured design. In the Kingdom, the Government Organization for Social Insurance, GOSI, had imposed cover plan for work-related ?injuries. It referred to is as Industrial Injuries benefit plan. This act narrowed the choice of the insurance companies in selling WC policies. Instead, insurance companies introduced what they had termed DIC policy (difference in conditions) insurance policy. Insurance companies discovered gaps in the industrial injuries benefit plan imposed by GOSI visas workman’s compensation benefit plan. In addition to the DIC, Al Sagr Cooperative sells also employer’s liability policy plan (EL). As mentioned above, EL could be sold as a separate policy. EL policy pays according to the Sharia laws applicable in the KSA.
2. Public Liability Insurance The cover plan is designed to indemnify the insured all claims to which Insured becomes legally liable to pay to third party (ies) in compensation for damages up to limits specified in the policy. Such compensations are identified as: a) Accidental bodily injury (ies) to Third Party. b) Accidental loss or damage to Third Party property (ies). Cover is negotiated with the insured prior to attachment of risk in order to incorporate reimbursement plan commensurate with the risk exposure.
3. Products Liability Insurance In similar manner as with the liability program, this insurance is intended to indemnity insured his liability to compensate third party (ies) their loss (es) resultant form product (s) insured sold, distributed, supplied, repaired, re-conditioned and the like depending on the business of insured. Products may cause bodily injury (ies) or property damage(s), in either case the policy pays to insured when he is legally liable to pay. Sums insured are set by insured and Al Sagr Cooperative commensurate with the size of the business of the insured and the understanding of extend of damage product may cause.
4. Professional Liability Insurance The policy indemnifies insured all agreed sums which the Insured (such as Architects, Engineers, Medical Practitioners, Lawyers, Financial Institutions and Chartered Accountants etc.) becomes legally liable to pay in damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of Al Sagr Cooperative are also payable, subject to the overall limit of indemnity selected and the standard exclusions specified in the Policy.
1. Personal Accident Insurance From the name of the policy, the reader knows already that the insurance policy responds when insured himself is accidentally injured and when such injury results in paying of any of the benefits described in the policy. Payments are made to the insured or in cases to his/her legal heirs depending if death to the insured life did occur. Different coverage are available ranging from a restricted cover of Death only, to a more comprehensive plan including, in addition to death, Permanent Disabilities (like: PTD or PPD) and Temporary Total Disability (TTD). In addition, insurance cover may also be extended to include Medical Expenses incurred due to accident also Expenses of Repatriation of mortal remains following accidental death. The policy is basically designed to offer compensation to the insured person who dies or sustains bodily injury solely as a result of an accident which is external, violent and visible. Hence death or injury due to any illness or disease is not covered by the policy. The policy operates worldwide based on 24-hour plan.
2. Neon Sign Insurance This Policy covers Loss or Damage to the Neon Sign installation or any part thereof described in the Policy whilst situated at the specified location by Fire, Lightning, Explosion, Aircraft, Riot, Strikes, Malicious Damage, Storm, Tempest, Flood, Earthquake, Impact and Bursting/Overflowing of water tanks, apparatus and/or pipes, subject to specified exclusions in the Policy..
3. Plate Glass Insurance This insurance is intended to cover fixed plate glass against accidental breakage due to any cause not otherwise excluded in the Policy. The Company?s Liability is to replace the broken glass with glass of similar quality or at its option pay to the Insured the value of the glass broken at the price current at the date of the breakage, subject to adequacy of sum insured. The insurance cannot be extended for glass which is not fixed, i.e. which might be loose or movable in the premises.
4. Money Insurance The policy is designed to indemnify insured loss of money up to agreed limits if : (a) On insured’s premises whilst – in locked counters/drawers/cash registers/tills/cabinets during business hours – in locked safe outside office hours (b) Whilst in transit, (outside premises of insured) during the course of transit between specified locations on direct trips by authorized employee(s).
5) Fidelity Guarantee Insurance (FG) The desire for wealth can change the attitude of human beings. It induces malicious intention in any person and it cannot be judged by their behavior. When huge sums of money are being handled by employees, there is always a risk of it being misappropriated or embezzled. Business can suffer huge losses by this kind of infidelity risks The policy indemnifies the employer his direct financial loss sustained by fraudulent and/or dishonesty act(s) of his employee(s) and are named in the policy. The Fidelity Guarantee Policy is recommended not only in respect of employees dealing with Cash/Accounts such as Finance Managers, Cashiers, Accountants, etc. but also those who are responsible for stocks such as Salesmen, Storekeepers, etc. Should your business or personal requirements need other insurance coverages, we are.
The policy is produced to groups of employees that have in common agreed benefit plan such as payment of a multiple of earned monthly salary in case of death or PTD and/or a percentage of the capital sum reached at as a multiple of the monthly salary in case of PPD. Normally, payment of benefits are made directly to the life assured and/or its legal heir in death cases.
Such a policy is sought after by employers who look after the welfare of their employees.
In this case, the employer is the applicant for the insurance buying, selects insurance plan and levels of benefits creating capital sum insured for every one of his insured employees.
This is a low cost insurance protection policy sensitive to number of insured employees. The greater the number the more economical is the cost.
This policy provides all risk coverage to property whilst situated at the described premises against loss and/or damage due to any accident or misfortune other than those specifically excluded under the policy.
When compared to conventional Fire Policy, the Property All Risks Policy covers accidental damage to insured property in addition to the Fire &Allied Perils and Burglary.
A fire or an insured peril might do very little material damage to the buildings or the contents, yet the interruption of business might be very serious.
Business Interruption Insurance indemnifiable the insured for Loss of Net Profit, Standing Charges and increase in Cost of Working Expenses resulting from an accident indefinable under the underlying Fire & Allied Perils or Property All Risks insurance Policy.
For Business Interruption cover to operate, it is compulsory that there be in place a Property All risks or Fire Insurance Policy.
This policy covers loss or damage to property due to theft following forcible entry into exit from the premises. The cover for Burglary is availed in conjunction with the Fire and Allied Perils insurance in either combined or separate contracts.
Ship-owners who invest large amount in Ocean Going Vessels and Vessels operating in Coastal Water, etc. look for appropriate insurance cover to protect their interest against unforeseen loss or damage caused by perils of sea and human risk factors in connection with the operation of such Vessels.
A team of experts in Al Sagr Cooperative Insurance Company well-equipped to handle this very specialized type of insurance, perform pro-active consultancy role to our clientele and indicate the best available coverage alternatives to help them arrive at an appropriate decision regarding Marine Hull & Machinery Insurance Coverage.
What are risks that can normally be covered?
Perils of the seas, rivers, lakes or other navigable water.
Fire or explosion
General average sacrifice, salvages
Earthquake, volcanic eruption or lightning
War and SRCC if specifically covered
Our Standard Hull Insurance Products include the following:
Hull & Machinery
Hull War Risks
Yacht / Pleasure Boat
Premium will be charged appropriately depending on various factors such as classification, Year Built, Type of Hull, Amount to be Insured, Management, Loss record, etc.
CPM Policy covers on an annual basis all types of equipment and construction plant used by contractors whilst at work, at rest or during maintenance operations at construction site, in the insured’s warehouses, during mobilization and/or de-mobilization periods. The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy. It is a main condition under the above insurance coverage that the sum insured shall be equal to the cost of new replacement value of the insured items.
Machinery Breakdown Insurance indemnifies insured his loss of or damage to fixed and/or non-mobile plant and machinery due to any unforeseen and sudden physical loss or damage to machinery insured resulting 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, or from other causes not specifically excluded.
The Policy does not indemnify insured his losses which otherwise are insurable under a Fire and Perils or Property All Risks Policies. The principle of indemnity for this type of insurance warrants that sum insured represents the value of replacing old for new machinery or equipment.
Loss of Profit due to Machinery Breakdown Insurance
Bought together with the MBD policy, the Machinery Loss of Profits insurance policy promises to indemnify insured loss of actual gross profits (i.e. net profit and standing charges) and/or increased cost of working sustained as a result of a business interruption caused by an accident indefinable under Machinery Insurance.
The Policy indemnifies insured when perishable stock deteriorates as a direct result of the breakdown of machinery, or consequent to the loss of or damage to machinery insured. Deterioration of Stock insurance is a risk management approach to protecting traders’ investments who need:
Electronic equipment such as Computers, Laptops, Medical, Bio-Medical, Micro Processors, Audio-visual equipment etc. can be covered under Electronic Equipment Insurance.
Coverage for electronic equipment is provided under 3 Sections:
Material damage To insured electronic equipment brought about by peril not excluded in the insurance policy. The form indemnification comes in the form of replacement or reinstatement of damaged or lost equipment as the case may require.
External data media Insurers promise to indemnify insured, up to value(s) stated in the policy covering external data media inclusive of cost of information stored thereon, provided that it is lost or damaged from the insured peril(s) not otherwise excluded as explained under point”1″ above. For the purpose of this insurance, data media is identified as the data which can be directly processed in EDP systems.
Increased cost of working If material damage indefinable under section 1 gives rise to a total or partial interruption of operation of the EDP equipment, the insured will be indemnified for any additional expenditure incurred for the use of substitute EDP equipment up to an amount not exceeding the sum insured agreed between insurer and insured.
Hull and Materials, Property, Machinery and Equipment in respect of fixed platforms and/or pipelines and/or drilling rigs and/or drilling/ production/ shut-in/ idle platforms and/or drilling barges and/or drill ships and/or vessels and/or mooring buoys and/or offshore storage/processing facilities and/or other property, and/or Cost of Control Expenses and/or Removal of Wreck or Debris and/or Loss of Production and/or Redrilling Expenses and/or Seepage and Pollution Liability and/or Land Drilling Rigs and PROTECTION AND INDEMNITY AND/OR Third Party and/or Contractual and/or Statutory Liabilities and other related interests as may be declared and accepted.
This Policy will pay on behalf of the Insured, all sums which the Insured shall by law be held liable to pay for damages arising out of bodily injury to or death of any patient caused by or alleged to have been caused by error, omission or negligence in the professional services rendered or which should have been rendered ( referred to as malpractice) in the institution named in the policy schedule, or its outpatient department, or in any ambulance, maintained by such institution, subject to the terms, exceptions, limits and conditions contained in the policy.
Workmen’s Compensation Insurance is designed to protect the employer against their liabilities to employees in respect of injuries suffered by them arising out of and in the course of their employment as per Labour Law/Workmen’s Compensation ordinance.
The coverage under this Policy may be extended to include Employer’s Liability, which will cover liability under common law and/or Sharia Law.
The Policy will indemnify the insured against all claims upto the limits specified, for which the insured shall become legally liable to pay as compensation for:
Accidental bodily injury to third party
Accidental loss or damage to third party property
for any accidents happening during the period of insurance at or about the premises specified in the policy and caused by the Insured and / or their employees whilst performing their normal business activities.
The Company in addition will reimburse all costs and expenses incurred with its written consent defending such a claim for compensation.
The cover is subject to standard Exclusions specified in the policy.
The policy covers all sums which the insured (such as Architects and Engineers etc.) becomes legally liable to pay as damages to third party in respect of any error and/ or omission on his/her part committed whilst rendering professional service. Legal cost and expense incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected and the standard Exclusions specified in the Policy.
If any time during the currency of the policy, the insured dies or sustains any bodily injury resulting solely and directly from accident caused by external, violent and visible means, the Personal Accident Policy would indemnity the victim/legal heirs of the deceased.
Different coverages are available such Death , Permanent Disablements and Temporary Total Disablements. In addition, the cover can also be extended to include Medical Expenses due to accident and Expenses of Repatriation of mortal remains following accidental death for a specified limit.
The policy will indemnify the Insured for loss of money or other property, belonging to him, as a direct result of any fraudulent or dishonest act committed by insured employees during their uninterrupted service with the Insured.