SAIB Marine Cargo Insurance for Imported Goods under Letters of Credit *
Competitive prices
Attractive rates suitable to your business success
Excellent insurance
Provided by Tawuniya Insurance company, the leading insurance company in this field in KSA
Wider coverage
Coverage of more hidden risks
Easier procedures
Smoother process under letter of credit
Sealed containers with damaged goods is never a promising sign for your business success!
Apply now for SAIB Marine Cargo Insurance for your imported goods under Letters of Credit in cooperation with Tawuniya Insurance. For details, please approach your Relationship Manager at the Bank, or call the following numbers:
- Tel. +966118743000
Ext.: 1161
Trade Finance Sales – Central Region
- Tel. +966112837222
Ext.: 7633
Trade Finance Sales – Eastern Region
- Tel. +966112837222
Ext.: 7849
Trade Finance Sales – Western Region
* Terms and conditions apply
What is the advantage of an open cargo policy?
For an affordable cost, it provides coverage for all shipments falling within the terms of the policy. In most cases, you enjoy coverage even if you unintentionally fail to report a shipment and/or report shipment values incorrectly.
What is the basis of valuation for the purposes of insuring my cargo?
The standard basis of valuation is invoice cost plus freight plus 10% or 20% in some cases. Most underwriters will allow a higher mark up that could reach 100%.
Are all of my cargo shipments covered under a marine open cargo policy?
You need to check both the “Goods Insured” clause and the “Voyage” clause in your policy. Certain goods and certain voyages are excluded.
What happens if I forget to declare a shipment on a monthly reporting policy?
You still enjoy full cover for that shipment. However, you must report it as soon as you are aware of the error.
Is bad packing excluded?
As a general rule, it is excluded; however, it depends largely on who did the packing and where it was carried out.
When do I have to issue a certificate of insurance?
It depends on your business needs. Generally, certificates of insurance are issued for export shipments in order to provide the buyer with proof of insurance. The certificate also provides contact information in the event of a claim. Certificates may also be required for letter of credential purposes.
Why is the invoice an important document in a cargo claim?
Many reasons apply:
- It provides evidence of value of the goods
- It identifies the parties to the sale and identifies whether the insured is a party
- It identifies the terms of sale
- It provides a description of the goods as well as the quantity being shipped
- It identifies the price the buyer has paid (or is to pay) for the goods in question
- The invoice price plus freight and charges plus a markup of 10% or 20% is a standard basis of valuation in most cargo policies
