Insurance Against Hidden Faults in Building (Knowledge and Concepts)

Overview
Course Details

Courses Description

In this program, participants will learn about the insurance policy for hidden defects in buildings, which covers the minimum coverage of compulsory Insurance on Hidden Defects that may be discovered on premises and constructions after being used in nongovernmental projects. In addition to getting acquainted with the conditions, exceptions and coverage provided by the insurance company, the coverage period, amounts and limits of the coverages detailed in the policy schedule, and the premiums paid by the insured

Target Audience

Workers in construction companies, engineering offices, real estate developers, real estate purchase financiers, sales representatives of insurance brokers

Objectives

By the End of this course, you will be able to:

Knowing the background of the issuance of this document and the extent to which the Saudi market needs it
Recognize the definitions used in the document
Learn about the insurance coverage agreement, policy exceptions and general conditions
Recognize claims provisions
Learn about the cancellation mechanism
Learn how to price insurance coverage

Assessment Strategy

Pre and Post training test to measure knowledge and learning levels.
Engage trainees in exercises and group activities.
Evaluation form to be filled by trainees.

Introduction to the insurance policy for hidden defects in buildings
What are hidden defects?
The benefit of the insurance policy for hidden defects in buildings
The extent to which the Saudi market needs the document and the impact of issuing this document on the market
When is the policy applied?
Definitions used in the document
Insurance coverage agreement
General conditions in the document
Exceptions in the document
Claims provisions
Cancellation mechanism
Insurance coverage pricing method

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