Thursday July 18th, 2024
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Cultural Insurance Introduced in Saudi Arabia for Heritage Sites & Art

The Cultural Insurance product will provide owners of cultural assets with financial coverage in the event of loss or damage.

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Cultural Insurance Introduced in Saudi Arabia for Heritage Sites & Art

The Ministry of Culture and the Insurance Authority in Saudi Arabia have introduced cultural insurance for heritage buildings and artworks.

The Cultural Insurance product will provide owners of artworks and cultural assets with financial coverage in the event of loss or damage. The insurance covers heritage buildings, including archaeological and historical sites, as well as various types of artworks such as exhibitions, antiques and valuable collectibles. This comes as part of a comprehensive project focused on assessing risks related to heritage assets and developing insurance solutions to safeguard cultural heritage and support cultural activities.

The introduction of cultural insurance highlights the Ministry of Culture's goals of protecting and promoting cultural assets, ensuring financial stability for the cultural economy, and creating a safe environment for investment in the Saudi cultural sector.

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