FAQs

What is the current profile of Insaudi?

Insaudi Insurance Company (to be soon rebranded ‘’Assurances Saudi Fransi’’) is the new subsidiary of Banque Saudi Fransi and Assurances Generales de France (member of world wide - number 2 - Insurance Group: Allianz).
Insaudi was acquired in response to the growing needs expressed by Banque Saudi Fransi’s corporate clients, looking for solid - reliable – state of the art insurance covers, as they are developing their business - assets and cannot leave them jeopardized by unfortunate accidents or ‘’fragile’’ insurance companies.
Insaudi is one among the handful companies authorized by SAMA (Saudi Arabian Monetary Agency) to operate in the Kingdom of Saudi Arabia, having complied with the new license process.
Insaudi capitalizes both, on its 20 years of experience in the Saudi market, and a full modernization, as it is equipped with the best technology and expertise.
Insaudi’s unique ability to provide a single source of risk management, risk advice, insurance placement and employee benefits protection, backed by first class security, is proving to be increasingly attractive to both discerning Saudi corporations and multi-nationals alike.
Insaudi Is a dynamic new force in the market, focused on providing risk solutions in tune with the growing sophistication evidenced in the Kingdom.
Insaudi is located in Riyadh in a modern, high tech, offices complex (Centria Building – angle Tahlia/Olaya) – Jeddah and Khobar. For any further information, please contact Mr. Ravi Varma, Executive Secretary, at Tel. 01-2176910 to 2176915, Fax. 01-2176916 email:headoffice@insaudi.net

Can you elaborate on the various insurance covers that are on offer from your company?

Insaudi offers Corporations an integrated risk management approach, where single point of contact can be established for multiple insurance needs, saving time, easing and personalizing communication and eliminating duplication.

Some of the important insurance covers that we offer include:

Fire Insurance, which covers against accidental physical loss, destruction or damage to the property due to any cause including Fire Allied Perils, Burglary, Consequential Loss associated with the perils insured, etc.).
Plate Glass Insurance, which covers the replacement of fixed glass broken accidentally.
General Accident Insurance (which includes Theft, Loss of money, etc.).
Construction/Erection Engineering Insurance (which includes the risks of construction/erection, Contractor’s Plant Machinery, Machinery Break-Down, Machinery Loss of Profit, Deterioration of Stock, Boiler Pressure Plant, Electronic Equipment, etc.).
Marine Cargo Insurance, which covers loss or damage sustained by the goods shipped by land, sea air.
Employee Compensation Benefit Schemes.

Can you explain more about your Employee Compensation and Benefit Schemes?

The major covers available under this scheme are:-

Income Protection Insurance (Group Life Insurance)
Critical Illness Insurance
Personal Accident Insurance
Medical (Health) Insurance
Group Retirement Plan
Workmen’s Compensation Insurance
Key Men Insurance
What do you mean by Income Protection Insurance?
As the name suggests, this cover is designed to financially help the employee to maintain the necessary standard of living when he/she cannot work to earn their living.

How do an insured member benefit from Critical Illness Insurance?
The critical illness insurance is often considered as the second most important protection for the employees to benefit from. This cover provides for a lump sum payment of a pre-determined amount in the event of the employee contracting a specified disease or trauma – such as heart attacks – strokes – or cancer which generally forbid the employee from working.

What are the covers available under Personal Accident Insurance?
This cover alleviates financial hardship following death or injury to the employee by an accident.Salient features of the cover are:

Death due to any accident.
Permanent Total Disablement
Permanent Partial Disablement
Weekly Indemnity as a result of Temporary Total Disablement
Medical Expenses following Accident
Cover on 24 hours on 24 hours basis, 7 days a week, 365 days a year, worldwide.
Passive war terrorism are available optionally.
What are the salient features of the Medical (Health) Insurance Cover?
It covers against medical expenses incurred by the employees dependants for treatment of disease or illness at any hospital or nursing home for in-patient or out-patient procedures.

Salient features of the cover are:

In-Patient & Out-Patient Treatment or In-Patient Treatment as stand alone.
Free Access to specified hospitals/providers.
Vast network of providers spread all over Saudi Arabia & other Arab Countries.
Worldwide Cover on demand.
Expenses for repatriation of mortal remains of insured member to the country of origin.
Several combinations and variations to the cover are available.
Pre-existing conditions are covered without sub-limit.
Options to cover Maternity, Dental and Optical medial procedures.
How can the employees benefit from your Group Retirement Plan?
Our Group Retirement Plan is a tailor-made retirement savings plan associated with a protection mechanism, offered by the employer to his employees.
Employers and employees can both contribute to the retirement plan, which allows funds to be built up to either provide for a lump sum payment at retirement age of the employee or a monthly/yearly income payable for a pre-determined number of years after retirement.
The plan is designed both for Saudi nationals (in the frame work of the “Saudization Law”) and expatriates, offering a full range of investment funds and protection levels.
The employer’s contribution can be fully or partially vested, as per the rules decided to suit the employer’s HR Policy, as this plan is a unique tool to increase key employees’ loyalty and a major element of a modern employee benefits policy, and resist competition’s “poaching”.
An employee leaving the plan can benefit from a very similar individual plan. He only needs to transfer, as a lump sum, the accrued capital he acquired through his own contributions (and the employer’s totally or partially vested ones) in the group retirement plan, offering flexibility and continuity, which is a unique feature of our services.
Why should we go for Workmen’s Compensation Insurance Cover and how does it differ from the Personal Accident Cover?
This is a specific cover that is not aimed at protecting the employee, but the employer against the death or disability of his employees at work (for which the employer is liable under the Saudi Arabian Labour Law).

Covers available under the Policy are:

As per Saudi Arabian Labour Law.
Wages during a period of incapacitation.
Medical Expenses following a work accident.
Also, the following optional extension covers are available:

Employer’s Liability.
Cover on 24 hours on 24.
Mortician’s Fee.
Repatriation Expenses.
Key Men Insurance:
How do you protect the interests of the Company in case of loss of any of its top managers?
This is precisely what the “Key Men Insurance” is for. This policy is designed to protect the employer against the loss of “Key men”, as indeed, in each organization, from 1 to 5-10 persons are holding the future of the Company in their hands.

Apart from partners of the Company, the Policy can also cover employees with special knowledge, who cannot be replaced easily.

Such persons could be the Chief Executive Officer, Chief Financial Officer, General Manager, and also a few technicians such as the Chief Engineer in charge of fine tuning very complex machines.

Suppose I have insured my vehicle with your Company and I am involved in an accident. How do I go about making a claim?
Please note the procedure to be followed in order to claim from your policy is as follows:

Inform the police and your Insurance company
Obtain the police report repair permit.
Submit us
duly filled in accident declaration
original Police Report
repair Permit
copy of your License
copy of your vehicle’s registration book
You cannot commence the repair until one of our representatives inspects your vehicle.

Why do I have to pay a “deductible” when the accident was not my fault?
When you buy insurance, the price you pay depends in part on the amount of deductible you choose. The higher the deductible, the lower the cost of your premium.

The deductible is the uninsured portion of any damage to your vehicle or property. That is, it is the amount you must pay towards repairs or costs; your insurance pays for the rest.