GIG Insurance Oman (GIG Gulf) vs Oman United Insurance (OUIC)

Engineering insurance for contractors from GIG Gulf, formerly AXA Gulf

GIG Gulf is the former AXA Gulf business, bought by Kuwait's Gulf Insurance Group in 2021; Canada's Fairfax Financial lists Gulf Insurance Group among its insurance companies. Its Oman site lists contractors all-risk (from villas to bridges), erection all-risk, contractor's plant and machinery, machinery breakdown and electronic equipment cover, sold project by project or as an annual multi-project policy. GIG Gulf says it has a specialised team of engineers to help with risk management.

Pros

• + Full engineering range: CAR, EAR, plant, machinery, electronic equipment
• + Annual policy option covering multiple projects
• + In-house engineering team for risk management (GIG Gulf says)
• + Oman toll-free line 800 70 292

Cons

• − No published rates
• − Product page gives cover names, not limits or exclusions
• − No online quote price shown for engineering cover

Omani listed insurer with published CAR and EAR cover details

Oman United Insurance Company SAOG is listed on the Muscat Stock Exchange and says it has operated in Oman for over 35 years. Its project-insurance page sets out contractors all-risk and erection all-risk cover in detail: material damage and public liability sections, maintenance cover up to 12 months after completion, a testing and commissioning period for EAR, and optional extensions such as debris removal, professional fees and the principal's existing property.

Pros

• + CAR and EAR sections, extensions and exclusions published online
• + Maintenance cover up to 12 months after completion
• + Optional debris removal, professional fees and principal's property
• + Listed on the Muscat Stock Exchange

Cons

• − Operates in Oman only
• − No published rates
• − Excludes consequential loss and pandemic-related loss