Chubb Arabia Cooperative Insurance Co. said the insurance agreement inked on Oct. 31 with Sahara International Petrochemical Co. (Sipchem) is valued at SAR 37.8 million, the insurer said in a bourse filing.
The agreement will extend for one year as of the signing date, the statement added.
Chubb Arabia has recently inked an agreement with Sipchem to provide coverage for property damage and business interruption risks.
The contract value is 5 percent higher than the company's annual sales.
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