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 covers the risk of loss due to accident to Civil Engineering works under construction. Cover can be taken by the Principal Contractor or sub-contractor jointly or separately.
Policy Details
Material Damage:
Covers physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
Third Party Liability :
Covers legal liability of the insured contractor as a result of bodily injury or property damage belonging to third party.
Covers physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
Third Party Liability :
Covers legal liability of the insured contractor as a result of bodily injury or property damage belonging to third party.
Optional covers also available on payment of additional premium
a. Clearance and removal of debris
b. Third Party Liability cover
c. Surrounding Property of the Insured
d. Express Freight, Overtime
e. Air Freight
f. Construction machinery, Plant & Equipment
g. Maintenance and extended maintenance over
a. Clearance and removal of debris
b. Third Party Liability cover
c. Surrounding Property of the Insured
d. Express Freight, Overtime
e. Air Freight
f. Construction machinery, Plant & Equipment
g. Maintenance and extended maintenance over
Exclusions from the Policy:
a. Faulty design
b. Rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect.
c. Loss or damage due to gradual deterioration, atmospheric condition, rusting, wear and tear etc.
d. Loss discovered only at the time of taking Inventory
e. Loss arising out of penalty for delay, non-fulfillment of terms of contract.
b. Rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect.
c. Loss or damage due to gradual deterioration, atmospheric condition, rusting, wear and tear etc.
d. Loss discovered only at the time of taking Inventory
e. Loss arising out of penalty for delay, non-fulfillment of terms of contract.