وزارة الثقافة وهيئة التأمين تُطلقان منتج التأمين الثقافي

The Ministry of Culture and the Insurance Authority launched the “Cultural Insurance” product, which will help owners of artistic works and cultural assets in the Kingdom secure, protect, and ensure their sustainability. It also provides the necessary requirements to maintain them, in addition to securing financial coverage in the event of an accident that leads to the loss or damage of these assets. cultural damage in proportion to the amount of damage and the fair value of the asset.
Cultural insurance is divided into two main products: The first of them is designated for heritage buildings classified as archaeological, heritage, or historical, and provides insurance coverage commensurate with the special considerations of these buildings in terms of evaluation, restoration, and the scope of risks covered by this type of asset. As for the second product, it covers works of art that represent various types of assets. And cultural activities, including works of art, exhibitions, antiques, valuable collectibles, and others. To provide insurance coverage commensurate with the high value of these assets, and with the requirements for dealing with them such as storage, display, shipping, etc.

Integrated project

Cultural insurance is one of the outcomes of an integrated project that included a study of risks related to heritage and historical assets, which the Ministry of Culture worked on in partnership with the Insurance Authority. With the aim of monitoring and evaluating the risks related to various heritage assets, developing appropriate mechanisms and tools to manage these risks, and developing insurance products that help provide the appropriate environment for the protection and prosperity of heritage asset activity, in addition to supporting cultural activities locally and internationally with appropriate insurance solutions.

Protection of cultural assets

Cultural insurance comes within the Ministry of Culture’s efforts to protect cultural assets in all their forms, as it provides support for cultural activities and protection against losses in high-value assets through insuring heritage buildings, insuring works of art, third-party damage insurance, and business interruption insurance. To provide financial stability to the cultural economy, protect it from the financial consequences of losses, and respond to the needs of exhibitions, especially those that require insurance for loaned assets, in addition to supporting adherence to best procedures and practices, and creating a safe environment for investment in the cultural sector.
Cultural insurance also comes within the efforts of the Insurance Authority to develop insurance products that keep pace with developments at this stage, and to provide supportive tools that are compatible with economic growth in the Kingdom under the umbrella of the Kingdom’s Vision 2030.