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 provides a package of risk-coverages, indemnifying perils / losses / properties which are to be specifically named and excluded.
It indemnifies loss / damage caused directly or implicitly by:
1. Fire, Lightning, explosion (expect bursting of vessels / machines using pressure)
2. Impact by aircrafts or aerial devices
3. Impact by vehicles, locomotives
4. Acts of god (earthquakes, Volcanic eruption, Strom, Tempest or Flood)
5. Riot, Strike and malicious damage (expect Terrorism and Civil war)
2. Impact by aircrafts or aerial devices
3. Impact by vehicles, locomotives
4. Acts of god (earthquakes, Volcanic eruption, Strom, Tempest or Flood)
5. Riot, Strike and malicious damage (expect Terrorism and Civil war)
Excluded Losses:
Consequential losses, Dishonesty / fraud, Theft (but not burglary and house breaking), unexplained losses, Contamination/pollution, defective workmanship/design
Excluded Property:
1. Property in course of construction / erection / manufacture
2. Money, Securities, bullion or unset precious stones, Documents, business books / Computer records
3. Animals, plants, growing crops or standing timber
4. Property in transit / motor vehicles / watercraft / aircraft and property therein
5. Dams, Reservoirs, Piers, wharves, Jetties, Bridges or Tunnels
2. Money, Securities, bullion or unset precious stones, Documents, business books / Computer records
3. Animals, plants, growing crops or standing timber
4. Property in transit / motor vehicles / watercraft / aircraft and property therein
5. Dams, Reservoirs, Piers, wharves, Jetties, Bridges or Tunnels
Excluded Perils:
War, civil war, Terrorism, Dispossession / destruction by Lawful authority, Nuclear-related perils, Subsidence, Landslide, change of water table level, electrical / mechanical breakdown of plant, machinery or equipment, deterioration of property by change of temperature