Riyadh – Mubasher: Alinma Tokio Marine Company has received a claim notice of the Offshore Oil Engineering Company in an accident where a package of underwater cables owned by Saudi Aramco was damaged on 25 June 2019 when a pipeline near it was removed.
The insurance firm said the package is insured in the General Commercial Liability Insurance policy, whereby the liability limits is SAR 100 million. It added that the losses resulting from this accident are re-insured with reinsurers, according to a bourse statement on Monday.
The claim value is SAR 37.5 million and the maximum liability of the company for this claim is just SAR 112,500.
Hence, Alinma Tokio Marine has hired Matthews Daniel, a loss estimator, to assess the resulting damages.
The financial impact of this accident will reflect on the insurer's annual financial results for 2020, the statement concluded.
