Cancellation of cash insurance for containers in Saudi ports

Media In / Agencies / Riyadh May 16, 2018
Within the framework of the support of the Saudi Ports Authority for the development and facilitation of business performance initiatives, the initiative of canceling the monetary insurance of containers in the Saudi ports has been implemented.
The initiative allows traders to receive their containers during the exemption period granted without any insurance payments, which contributes to reducing the domestic financial burden of financing imports, as well as improving the Kingdom’s classification status in the Doing Business and Facilitating World Trade Index.
The monetary insurance of containers, the amount paid by the shipping agent as insurance for container damage or delay of the exemption period granted by the shipping line “15 days.”
It is noteworthy that a number of shipping companies operating in the Saudi market have contributed to the implementation of this initiative, and calls on the “ports” of the various companies to implement this initiative and circulate it to all Saudi ports, thus contributing to strengthening the Kingdom’s role as a global logistics platform.