Saudi: United Coop Assurance's gets crane claim

Saudi: United Coop Assurance's gets crane claim
Crane collapse at the Grand Mosque in Mecca
Published: 20 September 2015 - 10:30 a.m.
By: Ashleigh McGinley

Saudi Arabia's United Cooperative Assurance has received a claim from the Saudi BinLadin Group (SBG) over the collapse of one of it's cranes at the Grand Mosque in Mecca, the insurance firm revealed on Sunday, 20 September, 2015. 

The claim was received on September 13 and evaluators licensed by the country's banking regulator have been appointed to determine the damage caused by the accident, a bourse filing said. 

At least 107 worshippers were killed when the crane collapsed at Mecca's Grand Mosque on September 11 - leading Saudi Arabia to suspend SBG from new contracts and order a review of existing projects.

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

However, the firm added its coverage related to the client was more than 98% covered by reinsurers, Reuters reported. 

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