Commercial Maritime Law
Art. 347Status unknownSaudi ArabiaRegulation
Issued by Ministry of Investment (misa.gov.sa)
The amount of insurance shall not exceed the maximum amount of the
following:
1. The purchase price of the goods at the time and place of shipping, or their
current value at the same time and place if they are not purchased, in
addition to the costs of transport to the port of call, and the anticipated profit.
2. The value of the goods at the time and place of arrival, or, in case of loss, at
the scheduled date of arrival.
3. The sale price of the goods if sold by the insured, in addition to any extra
amounts that may otherwise be agreed upon in the bill of sale.
The Arabic text is the legally binding version. The English translation is provided for guidance only.
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