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Al Sagr Cooperative Insurance Company has developed its insurance product for upstream and downstream operators of the energy industry, they include:
- Energy and Marine, Petrochemicals, Environmental and Construction
- Oil Exploration, drilling, refining, terminals, pipelines, tank farms, distribution
- Power generation, natural gas
The energy insurance product is unique in its structure as it should be devised for properties like:
- Off shore platforms of all types
- Onshore refineries, farm tanks
- Crude oil and oil products
- Natural gas
- Petrochemical industries
The energy policy indemnifies insured his loss of or damage to such properties and products when they are physically lost and/or damaged based on an all risks plan. Al Sagr Cooperative also compensates insured costs for taking measures to extinguish fire. Even with the cover exclusions (such as: inherent vice, gradual deterioration, wear and tear, corrosion, rust, faulty material or defective design or workmanship) the policy does not reduce in its value as a comprehensive cover plan developed by the Al Sagr Cooperative team for its current and future clients.
Another risk aspect that Al Sagr Cooperative identifies and offers with its Energy policy is
- Loss of production income
In our professional opinion, energy operators/owners are entitled to consider uninterrupted flow of income including during a period the business is recovering from an insured loss or damage. Under the loss of production income coverage Al Sagr Cooperative indemnifies the insured.
- loss of production during the recovery period
- increased cost of working
In summation, Al Sagr Cooperative is increasing as energy insurer defining its markets, increasing its areas of influence, and transforming its products through rigorous revamping.