Under the umbrella of the Saudi Arabian Monetary Authority, Malath Cooperative Insurance activates the mandatory Inherent Defects Insurance cover for the buildings in participation of the Saudi insurance sector, in accordance with in accordance with the decision of the Saudi council of ministers No. 509 of 09/21/1439 AH which obligate contractors to have Inherent Defects Insurance for all non-governmental sector projects and as per the decision of the Governor of the Saudi Arabian Monetary Authority No. 187/441 No. dated 05/08/1441 AH, which approve The Standard Policy of the Mandatory Inherent Defects Insurance for all buildings and constructions, including communication towers.
Inherent Defects Insurance covers defects in the Structural Works or the Envelope weakening the strength and steadiness or stability of the Premises and attributable to a fault, error or omission in design, materials, geological investigation or construction which was undiscovered at the date of issue of the Occupancy Certificate. The insured shall be compensated against the cost of repairing, replacing and/or strengthening the Premises following and consequent upon an Inherent Defect which is discovered and is notified to the Insurer during the Period of Insurance of 10 years causing any of the following events:
A. Physical damage to the Premises
B. The threat of imminent collapse to the Premises, which requires immediate remedial measures for the prevention of an actual collapse within the Period of Insurance.
We provide the best and most comprehensive healthcare Insurance programs to all managerial levels for individuals, groups, and companies. This coverage is tailored in accordance with the rules and regulations of the Council of Cooperative Health Insurance (CCHI) implemented in Saudi Arabia, which includes the following two types of health insurance:
We feature medical care, services and related expenses as per the following agreed scope of coverage:
The above-listed programs provide individuals and their families the best health treatment at any medical center in the Saudi Kingdom approved by Malath and CCHI. In addition, Malath allocates a specialized health department, continuously works towards better development and advancement, and is dedicated to ensure the highest standards and optimum level of services.
Comprehensive Motor Insurance:
A program that provides comprehensive coverage of the insured vehicle to include third party liability, loss or damage to the vehicle from the risks of accidents, theft and fire, as per the terms and conditions mentioned in the wording policy. The comprehensive motor insurance policy compensate up to SR 10 million for liability insurance and for the physical damage of the insured vehicle including the blood money and estimated amounts of medical expenses in accordance with the terms and conditions mentioned in policy wording during its validity. The policy also compensates for the loss or damage to the insured vehicle resulting from road accidents, theft, fire or any risks not excluded from the policy, at the market value of the vehicle at the time of the accident or repair of the damaged vehicle. One of the advantages of the comprehensive insurance policy of Malath Insurance is coverage and compensation for damages resulting from natural hazards such as hail and floods.
Also, Additional covers can be added to the policy according to the wishes of the insured, to includ:
Personal injuries of the driver and / or the driver and passengers are the result of an accident involving the insured vehicle, as well as the medical expenses resulting directly from the accident.
The coverage of the age group of drivers can be extended to include those under the age of 21 who hold a valid driver's license for the insured vehicle at an additional premium according to the selected age group.
Insurance coverage can be expanded to cover repair of the damaged vehicle at the authorized agent for an additional premium on the basic insurance value.
The possibility of extending the insurance coverage to include the replacement of the rental value of the replacement vehicle until the repair of the damaged vehicle or settlement of the claim, in accordance with the maximum agreed upon policy wording.
The policy includes further advantages as well as some exceptions mentioned in the policy wording that the owner of the vehicle must read before signing the application and issuing the policy.
Third party liability insurance
The third party liability insurance policy from Malath insurance covers the damage caused by a private vehicle accident, which is caused by the vehicle owner or driver under the terms and conditions mentioned in the policy up to SR 10 million for physical damage to third parties, And the estimated amounts of the medical expenses, the blood money and injuries in accordance with the terms and conditions mentioned in the policy wording during its validity. The owner of the vehicle can also add some advantages to the policy at additional fees such as:
Personal injuries of the driver and / or the driver and passengers are resulting of an accident involving the insured vehicle, as well as the medical expenses resulting directly from the accident.
The coverage of the age group of drivers can be extended to include those under the age of 21 who hold a valid driver's license for the insured vehicle at an additional premium according to the selected age group
Below is a table showing the advantages and the difference between comprehensive vehicle insurance and third party liability insurance.
The policy includes further advantages as well as some exceptions mentioned in the text of the policy that the owner of the vehicle must see before signing the application and issuing the policy.
Our most common insurance policy, the Contractor’s All Risks Policy, provides a wide range of coverage against loss or damage to engineering projects including construction plants, equipment and construction machinery. The policy also provides protection to contractors from legal liabilities to any third parties.
Engineering Insurance also provides various insurance programs, including:
Malath takes great pride to innovate and provide tailored coverage programs against miscellaneous accidents through customized solution and offers various policies, which are comprehensive in coverage to cater ever increasing exposures.
Such programs offer full protection against all the arising expenses and liabilities of numerous unexpected exposures.
We offer the following miscellaneous insurance plans:
This policy provides comprehensive and flexible marine cargo programs to protect goods & belongings during transportation from natural disasters, such as sinking, fires and collision. This coverage is provided through a set of marine insurance policies that include the following:
Malath takes great pride in its history of innovation and ability to provide tailored coverage programs against miscellaneous accidents. Through our customized solutions and various policies, we are able to provide comprehensive coverage that caters to ever increasing exposures. Such programs offer full protection against the expenses and liabilities of numerous unexpected exposures.
We offer the following miscellaneous insurance plans:
The travel insurance policy from Malath offers coverage against losses suffered during the insured travel. Our policy offers the insured individual peace of mind, along with the following benefits:
Malath also offers the benefit of the travel insurance policy through two plans:
Three schemes fall under the above-listed plans, which have been put in place to meet every client’s needs:
Malath launched the Medical Malpractice Insurance Policy out of its belief in the importance of the medical profession in the Saudi Kingdom, and to provide more needed support and assistance to doctors, surgeons, dentists, nurses, technicians, and all other medical groups. This insurance policy meets the needs of hospitals, clinics, and care-nursing homes and ensures tranquility and peace of mind for their business.
Coverage provided under this policy includes: