Ministry of Culture to Host Cultural Insurance Conference in Riyadh Next Week
The Ministry of Culture, in partnership with the Insurance Authority, will host the Cultural Insurance Conference in Riyadh on Tuesday. The event aims to introduce a new cultural insurance product that helps protect owners of artworks and cultural assets in the Kingdom.
The insurance product secures cultural assets against loss or damage and ensures fair financial compensation based on the asset’s value. The coverage is tailored to match the extent of the damage and the fair value of the insured cultural assets.
The insurance product secures cultural assets against loss or damage and ensures fair financial compensation based on the asset’s value. The coverage is tailored to match the extent of the damage and the fair value of the insured cultural assets.
The conference will take place at the Cultural Palace in the Diplomatic Quarter. It will gather officials, CEOs, and experts in the cultural and insurance sectors. Dialogue sessions will feature leaders in cultural and insurance systems, as well as specialists and interested individuals.
Focus on Cultural Insurance
These sessions will highlight the concept of “cultural insurance” and its role in safeguarding heritage assets. The Ministry of Culture will sign an insurance policy on cultural assets during the event.
The conference aims to spotlight the cultural insurance product and discuss risk management for cultural assets and sites. It also seeks to raise awareness about preserving cultural assets as part of the Kingdom’s heritage.
Launch of Cultural Insurance Product
Earlier this year, the Ministry of Culture, in collaboration with the Insurance Authority, launched the “Cultural Insurance” product. This product is divided into two main categories, each tailored to specific needs.
The first category covers heritage buildings, including those classified as archaeological, heritage, or historical. It provides insurance coverage consistent with the evaluation, restoration, and risk management considerations specific to these buildings.
The second category covers various cultural assets, including artworks, exhibitions, antiques, and valuable collectibles. This coverage aims to match the high value of these assets and their unique handling requirements, such as storage, display, and shipping.
