????? ??????? ??? ??????? | Project Insurance Policy.

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The majority of government contractors or other contractors in agreement with the private sector unfamiliar with the privileges of the insurance policy covers the project; this policy entitles the contractor to claim the insurance company against any losses arise during the implementation of the project.

Moreover, most of those contractors may not know the contents of the insurance policy or what should be included or excluded thereof?

Therefore, the contractor used to be a victim of an insurance company representative where the contractor allow a licensed insurance company by the Saudi Arabian Monetary Authority (SAMA) to solely and without any limitation draft the terms and conditions of the policy, especially for the government contracts as believed that the insurance is just only a matter of formalities not reflecting the actual coverage.?

Accordingly, the legal dispute arises when the contractor default or encounters any damages subject to the implementation of his project.

In the event that the contractor claims the insurance company to cover or reimburse incurred losses been, the Contractor is shocked with their reply that such losses are not covered.?

To avoid such discrepancies, we recommend the following:

• Insurance to be made with a reputable insurance company licensed to exercise business by the Saudi Arabian Monetary Authority (SAMA) and not banned by supervisory agencies.
• The Contractor shall list all permanent or temporary works and materials to be supplied, machinery and construction Equipment and the terms of civil liability coverage against third parties (body injuries, material damage to property, general civil liability) and draft these provisions professionally to avoid in future discrepancies related to the insurance policy.