Malath Cooperative Insurance Co. obtained the Saudi Arabian Monetary Authority (SAMA)’s approval to offer a construction guarantee insurance product, the company said in a bourse statement.
The statement further noted that it will be the first product of its kind in the Kingdom.
The product covers hidden defects in buildings, which may appear after the completion of construction such as the building structure, water insulation, plumbing, electricity, mechanical works, and interior finishes, the statement also said.
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