The Ministry of Culture has signed a Memorandum of Understanding (MoU) with the Insurance Authority to cooperate in preserving cultural assets and promoting the cultural insurance sector.
The MoU covers cooperation between the two parties in several areas, most notably,
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a study of the needs of the cultural sector with the goal of developing and creating insurance products related to the cultural sector;
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setting the standards to be used in the financial evaluation and restoration of cultural assets, and the extent of compatibility with the standards used by insurance companies;
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the exchange of data, information and expertise related to the cultural insurance market.
This MoU is an extension of the cooperation agreement reached in April 2024 between the Ministry and the Authority, reported the newspaper Al-Eqtisadiah. Under the cooperation, the two sides launched a cultural insurance product, which provides support for cultural activities and protection against losses for high-value assets. The types of protection offered include heritage building insurance, artwork insurance, third-party damage insurance, and business interruption insurance.
Owners of cultural assets can insure their cultural assets following the launch of the cultural insurance product. An insurance company can submit a request to the Insurance Authority for approval to issue cultural insurance policies.
The cultural insurance plan has two facets. The first 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.
The second covers various types of cultural assets and activities, including works of art, exhibitions, antiques, valuable collectibles and others, and handling them, such as storage, display, and shipping.