22 September, 2015

Insurance firm receives Binladin claim

RIYADH: The United Cooperative Assurance (UCA) announced Sunday that it had received a claim from the Saudi Binladin Group over the collapse of one of its cranes on Sept. 11 at the Grand Mosque in Makkah.Muslims took to Twitter to call for prayers for the injured and the martyred.The incident occurred at an important time in the Islamic calendar, as hundreds of thousands of Muslims gathered at

22 September 2015
RIYADH: The United Cooperative Assurance (UCA) announced Sunday that it had received a claim from the Saudi Binladin Group over the collapse of one of its cranes on Sept. 11 at the Grand Mosque in Makkah.

Muslims took to Twitter to call for prayers for the injured and the martyred.

The incident occurred at an important time in the Islamic calendar, as hundreds of thousands of Muslims gathered at the city for the annual Haj pilgrimage.

The local insurance firm said it received the claim on Sept. 13 and that it had appointed evaluators licensed by the country's banking regulators to determine the damage caused by the accident.

The Binladin Group has been suspended over the tragedy in which 111 people were killed, causing Saudi Arabia to suspend Binladin from new contracts and order a review of existing projects.

United Cooperative Assurance said it would announce any developments in due course and the estimated value and financial impact of the incident would appear in fourth-quarter financial statements.

The insurance company, added, however, that its coverage related to the client was more than 98 percent covered by reinsurers.

© Arab News 2015