Saudi Indian Company for Co-operative Insurance (SICCI) is a joint stock company established in the Kingdom of Saudi Arabia as per Royal Decree No. M60 dated 18/09/1427H. SICCI is a joint venture between Fawaz Al Hokair Group of Companies, KSA, Life Insurance Corporation of India, The New India Assurance Company Limited, India and Life Insurance Corporation (International) B.S.C.(c), Bahrain
This policy is designed to cover business premises e.g. godown, factory and office
Policy Details
(a) Loss or damage to the property insured by theft following upon actual, and violent entry into or exit from premises specified in the policy.
(b) Damage to the building not exceeding 5% of the contents sum insured
Exclusions:
1. Excluded property:
Bullion, valuables, unset precious stones, curios, work of art exceed USD 250, plans, drawings, designs, patterns, securities, documents, money, cheques, books of account.
2. Excluded Perils & Losses:
War, terrorism, riot, strikes, civil commotion, damages caused by use of explosives, losses / damages where insured or his household member / staff is an accessory.
Additional Information :
While policies are normally for full value of the property, it is also possible to offer first loss insurance where probability of total loss is remote.
In respect of stocks, it is possible to offer declaration facility. The Sum insured is fixed at the maximum value of stocks which the insured anticipates he will hold at any one time and by charging initially. 100% of annual premium which is adjustable at the end of the policy period based upon the average of monthly declarations subject to retention of minimum premium specified in the policy.
In respect of stocks, it is possible to offer declaration facility. The Sum insured is fixed at the maximum value of stocks which the insured anticipates he will hold at any one time and by charging initially. 100% of annual premium which is adjustable at the end of the policy period based upon the average of monthly declarations subject to retention of minimum premium specified in the policy.