Bacs is consortium of World top Companies (Bechtel, Almabani, CCC, and Siemens). Riyadh metro is rapid transit system under construction in Riyadh. The metro is part of the Riyadh Public Transport Project (RPTP). The Saudi Arabian government awarded $22.5 billion in contracts to three foreign-led consortia for the design and construction of a metro rail system in the capital Riyadh. The project, which will involve six rail lines.
Insurance Department Team is the greenfield team. This department was built from the ground
up. None of the Team members has ever worked with any of the Consortium partners yet, they have
fused together to take on the task of managing the Project’s risk cover under our insurance policies:
Contractor’s All Risk, Professional Indemnity, Third Party Liability, Terrorism & Sabotage, Contractor’s
Plant and Equipment, Motor, Marine, Workmen Compensation and Medical. To put things in perspective,
our insured fleet constitutes of about 1,800 light vehicles and 2,100 pieces of equipment. The Medical
insurance policy has over 18,000 members.
Our challenges, although steep, are surmountable. The Team is tasked daily with managing the claims
and deductibles that go hand in hand with balancing the loss ratio. The geographical spread and the
topographical changes of this Project amplify the chances of accidents. The Delivery Groups have been
actively involved in managing the safety of their job sites. Our upcoming challenge is negotiating the
extension of time and the iconic station’s insurance premiums at rates favorable to the Consortium.
