Renewal Contract with Bayt.com

Al Sagr Cooperative Insurance Company renewed their contract with Bayt.com, a recruitment company, which is the present largest recruitment companies in the Middle East, providing a full range of comprehensive and integrated tools and career planning recruitment solutions.   The HR & Administrative Manager, Mr. Suliman Al Nomair mentioned that Al Sagr is eager to attract qualified and specialized Saudis in the field of insurance and that they are committed to the plan of saudization at all levels of work in the insurance sector which is one of the fastest growing sectors in the world.   Also, it has noted that, one of the...

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S&P Rating Al Sagr Coop. Ins. Co. “BBB/Positive”

Al Sagr Cooperative Insurance Company announces having been awarded credit rating and financial stability outlook of BBB/Positive by Standard & Poor's, in their press release on 30/04/2014. The company will continue to consistently achieve strong revenue as well as maintain the performance compared with base capital (total equity) amount of SR 334 Million, which helped to improve flexibility of facing the financial risks. Standard & Poor’s agency attribute the high expectation from stable to positive due to the expectation of the level of the capital adequacy (extremely strong) compared to the level of (very strong) as compared to the previous...

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Several Steps to Arranging the Perfect Computer software Management Job

Planning effectively is a important part of using the excellent task in to fruition. Taking easy steps toward preparing very well will help you monitor building better, at every stage, with more control and fewer challenges. Once you understand ways to package your projects quickly and effectively, you can snooze safeguarded in the knowledge that following these simple basic steps will make the process reasonably easy. Step 1: Compose Your Project Prepare Writing building your project plan may be the first stage that you'll want to take. Every single step you have following this will...

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Several Steps to Planning the Perfect Application Management Job

Planning effectively is a critical part of bringing the ideal project into fruition. Bringing simple steps toward preparing very well will let you keep an eye on building your shed better, at every stage, with additional control and fewer setbacks. When you know tips on how to prepare your projects quickly and proficiently, you are able to recovery protect in the knowledge that following these kinds of simple procedures can make the process as easy as possible. Step 1: Compose Your Project Strategy Writing your project plan may be the first stage that you will...

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Several Steps to Planning the Perfect Application Management Task

Planning efficiently is a crucial part of using the perfect project into fruition. Taking easy steps toward preparing very well may help you screen building better, each and every step, with an increase of control and fewer challenges. Once you know the right way to package work quickly and effectively, you may snooze protected in the relief of knowing that following these simple guidelines is likely to make the process relatively easy. Step one: Write Your Project Approach Writing building plan is a first step that you will need to take on. Every single stage...

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Several Steps to Planning the Perfect Program Management Project

Planning successfully is a critical part of using the excellent task into fruition. Choosing basic steps toward planning very well can assist you monitor your project better, each and every stage, with additional control and fewer difficulties. Once you find out how you can program your projects quickly and proficiently, you can rest safeguarded in the knowledge that following these simple basic steps will make the process reasonably easy. Step 1: Produce Your Project Prepare Writing building your shed plan certainly is the first stage you will will need to take on. Every single stage...

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Several Steps to Planning the Perfect Software Management Job

Planning efficiently is a crucial part of using the perfect task in fruition. Acquiring basic steps toward organizing very well can assist you screen building your project better, each and every stage, with increased control and fewer challenges. Once you understand how to method work quickly and effectively, you may break safeguarded in the reassurance that following these simple actions is likely to make the process as easy as possible. Step one: Create The Project Strategy Writing building your project plan is definitely the first stage that you'll require to take. Just about every step...

Read More

Several Steps to Planning the Perfect Software Management Task

Planning properly is a important part of bringing the ideal job in fruition. Spending basic steps toward preparing very well can help you monitor building your shed better, at every step, with more control and fewer setbacks. Once you understand tips on how to program work quickly and successfully, you can slumber safeguarded in the reassurance that following these kinds of simple procedures could make the process relatively easy. Step 1: Create The Project Schedule Writing building plan is a first stage that you will want to take. Just about every step you have after...

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Several Steps to Planning the Perfect Software program Management Job

Planning successfully is a crucial part of bringing the perfect project in fruition. Currently taking easy steps toward organizing very well will let you screen building better, each and every step, with additional control and fewer setbacks. Once you find out the right way to system work quickly and proficiently, you can rest secure in the reassurance that following these kinds of simple steps can make the process as easy as possible. Step 1: Publish Your Project System Writing building your shed plan certainly is the first step that you will will need to take....

Read More

Several Steps to Preparation the Perfect Application Management Job

Planning successfully is a vital part of using the excellent task in fruition. Spending easy steps toward organizing well will let you monitor your project better, each and every step, with additional control and fewer setbacks. When you find out how you can approach your projects quickly and effectively, you may relax protected in the knowledge that following these types of simple methods could make the process relatively easy. Step 1: Publish The Project Strategy Writing your project plan certainly is the first step you will want to take on. Just about every step you...

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Medical Insurance

Al Sagr Cooperative Insurance Co. provides the best health insurance programs in (Al Haytham program) which includes all levels, whether groups or individuals, in accordance with the terms, conditions and regulations of the Cooperative Health Insurance Council in the Kingdom of Saudi Arabia

The health insurance program covers both:

Company’s Distinguished Services:

The health insurance policy includes a wide range of features designated to meet the needs of our customers. It seeks to provide a comprehensive medical network for reliable hospitals and deals with highly qualified doctors all over the Kingdom and abroad. Our company provides customers with personal membership cards, brochures describing the medical network indicating instructions.

In order to provide customers with a high quality service and through our participation with NEXT CARE Saudi Arabia, specialized in Medical Approval Management, we have the right to achieve:

Speed ​​in medical approvals, payment using advanced technology as well as availability of a medical insurance professional team.

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Energy insurance

Al Saqr Cooperative Insurance Co. has designed insurance for energy companies, including:

Onshore: including property, machinery and equipment for the extraction of oil, liquefied natural gas, Refineries and petroleum gas, petrochemical processing plants or other public facilities.

Offshore: materials, property, machinery and equipment, pipelines, drilling machines, ships and buoys, land-based gas treatment facilities or other property, as well as costs of observation, debris removal or loss Production, protection of contractual or legal liabilities and compensation, and other related and accepted interests.

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Motor Insurance

This insurance is imposed on vehicles licensed to use in public roads. As the importance of vehicles increases and the need of all citizens increases, the Kingdom’s authorities have been forced to impose this insurance, while the offender is responsible for compensating the other vehicle using his/her right to insurance.

The existence of a legally binding document for the insured, guaranteeing compensation when an accident occurs in public roads.

 The specific mandatory insurance law does not exceed the Compensation Law, a motor insurance policy provided by Al Sagr Cooperative Insurance Co. in response to the requirements of the Saudi government.

Under the Motor Insurance Policy, Al Sagr Cooperative Insurance Co. indemnifies the insured as follows:

Third Party Insurance (compulsory):

Compensation for damage to property, motor vehicle and personal injury resulting from the accident in the public roads by the amount of failure on the insured and protected from any rights that must be paid due to the accident according to the insurance policy and the concluded agreement.

Comprehensive Motor insurance:

Compensation for (insured) affected Vehicle.

Compensation for damage to property and bodily injury as well, with third party liability.

This policy cover vehicles driven in Saudi Arabia and neighboring countries such as GCC countries, Lebanon, Jordan, Egypt and Turkey.

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Fire and Allied Perils Insurance

 This type of insurance is designed to protect property in a specific place with specific environment and factors and is necessary for all types of property either personal or commercial.

The property preferred to be insured:

Buildings, machinery and movable and immovable fixtures, its accessories and other contents such as furniture and office equipment.

There are two other options and two complementary options:

Insurance against natural disasters caused by fire due to lightning or otherwise;

Insurance against natural and unnatural catastrophes: storms, floods, earthquakes, explosion of water tanks, equipment or pipes, etc.

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Contractor’s All Risks and Erection All Risks Insurance

These policies are designed to cover the risk of loss arising out of the erection and installation processes.

 This policy includes compensation for damaged buildings during the work of the Contractor, for example, but not limited to:

Compensating projects for the construction and reconstruction of commercial and residential buildings.

 We can also provide insurance coverage for the installation projects of heavy and light machinery.

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Marine Cargo Insurance

This policy covers the transportation of cargo by import and export, using different types of transportation, knowing the risk of this process. When goods are lost resulting in a financial loss that damages the business, the company has to compensate for its damages, depending on the type of goods and shipping mode

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Casualty Insurance

casultyins

 

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.

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Life Insurance
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Property All Risks Insurance

This Policy protect and cover the risks of property in danger or damage from an accident occurs other than those excluded pursuant to this policy.

Compared with a traditional fire insurance policy, and insurance for all risks to property, it covers damage caused by accidental damage to property as well as fire, hazards and burglary.

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Business Interruption Insurance

When occurring a fire or any danger causing damage to the buildings leading to the business interruption, the physical damage decreases with getting this insurance. However, if you do not have this type of insurance, the damage may then be very serious.

This case needs insurance covering to provide a slight imbalance and maintain the other sound property. It has great importance.

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Burglary Insurance

This policy covers compensation for the losses and damages caused by the burglar, based on the terms of the insurance policy between the insured and the insurance company, so that the compensation is as much as the loss.

If the reason is due to the insured, i.e., negligence, then the insured is not compensated.

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Travel Insurance

This policy is designed to compensate the losses of travelers on international flights in respect of the risks related to travel outside Saudi Arabia for their relief. There are many benefits of this policy including:

– Emergency medical expenses.

– Transfer or repatriation in case of illness or accident.

– Returning dead bodies.

– Dental treatment for emergency cases.

– Emergency repatriation when a close family member deceased.

– Saving personal property and money and compensating them for loss.

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MARINE HULL INSURANCE

This insurance is very important for owners of the huge ships carrying invested huge goods. It is designed to protect their interests and investment. If their ships is lost or destroyed by a natural marine or human incident, they will suffer a tragic loss.

 

What are the resulting risks which are usually covered?

– Waves and disturbances of seas, oceans, rivers and lakes … etc.

– Fires or explosions from a volcanic eruption, a lightning strike, or a war.

– Insurance Product Standards:

– Boats and yachts, machines, value added, and so on.

– The installment consists of various factors such as classification, year of construction, amount, management, loss record, etc.

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Contractors' Plant and Machinery (CPM) Insurance

The CPM policy covers all types of equipment used by the Insured during either on or off business hours on an annual basis.

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Machinery Breakdown Insurance

This policy provides cover for damage caused by Machinery Breakdown due to a sudden breakdown

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Loss of Profit due to Machinery Breakdown Insurance

This policy should be attached to the insurance policy for machinery breakdown when loss of profits insurance resulting from the machinery breakdown.

This policy guarantees compensation to the insured for the loss of the expected profits in the event of damage to one of the devices or machinery, which leads to the interruption of the insured’s work or affect negatively

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Boiler & Pressure Vessels Insurance

This policy covers any damage caused by a pressure vessel, boiler or other, except fire. The injuries caused by these vessels and boilers, whether fatal or otherwise to employees or workers in particular, from explosion or collapse and others, covered with this insurance.

The compensation is as much as this injury, as is known in our principle of compensation

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Deterioration of Stock Insurance

This policy guarantees compensation to the Insured in the event of a deterioration of the stock in warehouses or refrigerators breakdown.

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Electronics Equipment Insurance

The policy covers all types of computers and electronic devices, including microprocessors, electronic information processing, communication devices, medical devices, film equipment, studios, electronic boards … etc.

This insurance covers the unexpected physical damage caused by electronic devices resulting in physical damage, absences, and increased labor costs

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Energy Insurance - Offshore

Al Saqr Cooperative Insurance Co. has designed insurance for energy companies, including:

Onshore: including property, machinery and equipment for the extraction of oil, liquefied natural gas, Refineries and petroleum gas, petrochemical processing plants or other public facilities.

Offshore: materials, property, machinery and equipment, pipelines, drilling machines, ships and buoys, land-based gas treatment facilities or other property, as well as costs of observation, debris removal or loss Production, protection of contractual or legal liabilities and compensation, and other related and accepted interests.

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Medical Malpractice Insurance

Al Saqr Cooperative Insurance Co. provides Medical Malpractice Insurance policy, which gives the required support to medical practitioners from doctors and surgeons. This insurance provides them with the necessary assurance to perform their work under full cover of the complete protection they require.

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Workmen’s Compensation Insurance

 Workmen’s Compensation Insurance and Employer Liability:

This insurance is designed to provide compensation for accidents occurring in the work scope to protect the (the insured) employer and employees working in that scope. The compensation shall be in accordance with the insurance law or compensation agreed upon previously.

The Employer may be liable for such compensation. This is referred to what is set forth in the legal document between the Company and its customer.

 Public Liability Insurance:

This Policy covers all claims made against the Insured by a third party for losing or corrupting one of his/her property. This is his/her liability, to which the Insured is legally liable.

Professional Indemnity Insurance:

This policy covers insured (architect and others) who commits an unintentional failure during his / her professional work by compensating the insured for the financial cost of his or her failure.

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Public Liability insurance

This Policy covers all claims made against the Insured by a third party for losing or corrupting one of his/her property. This is his/her liability, to which the Insured is legally liable.

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Professional Indemnity Insurance

This policy covers insured (architect and others) who commits an unintentional failure during his / her professional work by compensating the insured for the financial cost of his or her failure.

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Personal Accident Insurance

Personal Accidents Insurance:

When the Personal Accident Insurance Policy comes into effect, the company shall indemnify the Insured in the event of any risk, including but not limited to when the Insured deceased or is seriously injured, this policy compensates the victim or the rightful heirs of the deceased.

Money Insurance:

This policy is designed to protect the insured’s money, in the event of the availability of money in the premises of the insured or during its transfer.

Fidelity Guarantee Insurance:

There is no doubt that fraud or any despicable act causes loss of money or damage to property; the affected customer must be compensated even if the damage is caused by the employees. This policy is designed to compensate the affected customer.

Burglary Insurance:

This policy covers compensation for the losses and damages caused by the burglar, based on the terms of the insurance policy between the insured and the insurance company, so that the compensation is as much as the loss. If the reason is due to the insured, i.e., negligence, then the insured is not compensated.

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Money Insurance

This policy is designed to protect the insured’s money, in the event of the availability of money in the premises of the insured or during its transfer.

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Fidelity Guarantee Insurance

There is no doubt that fraud or any despicable act causes loss of money or damage to property; the affected customer must be compensated even if the damage is caused by the employees. This policy is designed to compensate the affected customer.

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Motor Insurance

This insurance is imposed on vehicles licensed to use in public roads. As the importance of vehicles increases and the need of all citizens increases, the Kingdom’s authorities have been forced to impose this insurance, while the offender is responsible for compensating the other vehicle using his/her right to insurance.

The existence of a legally binding document for the insured, guaranteeing compensation when an accident occurs in public roads.

The specific mandatory insurance law does not exceed the Compensation Law, a motor insurance policy provided by Al Sagr Cooperative Insurance Co. in response to the requirements of the Saudi government.

Under the Motor Insurance Policy, Al Sagr Cooperative Insurance Co. indemnifies the insured as follows:

Third Party Insurance (compulsory):

 Comprehensive Motor insurance:

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