AI Summary
| Element List | Explanation |
|---|---|
| Introduction | Malath Cooperative Insurance Co. Announces that it has obtained the Final Approval from the Insurance Authority to market and sell the Contractor’s works insurance product for latent defects (Mandatory), which is designed for individuals and groups.
This product offers comprehensive coverage that includes protection of construction works from latent defects, in accordance with requirement and the standards.
The Contractor’s works insurance product for latent defects (Mandatory) targets all types of buildings, includes residential and commercial buildings, The coverage up to ten years and is directed towards property owners, contractors and real state developers, the aim of coverage any defect in the construction works, their protective elements, or the mechanical, electrical, and plumbing installation within the construction elements, implemented according to the Saudi building code.
The Contractor’s works insurance product for latent defects (Mandatory) also offers several additional coverage and benefits that are subject to the policyholder choice This product, in its current form, is offered to provide insurance coverage related to addressing latent defects in buildings, meeting modern regulatory needs and enhancing the level of protection for individuals and group clints. |
| Element List | Explanation |
|---|---|
| Date of Receiving the Approval | 2025-12-01 Corresponding to 1447-06-10 |
| Letter Date | 2025-12-01 Corresponding to 1447-06-10 |
| Approved Product\ Products | Contractor works insurance provided to individuals and group clints in the kingdom of Saudi Arabia and its approval with the identification number is mandatory
(P-MLTH-1-B-25-061). |
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