NCCI has signed a contract with the Shuqaiq Water & Electricity Company to insure the construction of the Shuqaiq Independent Water and Power Project.

The project is valued at $1.8 billion and will produce 850 Mega Watts of electricity in addition to 47 million gallons of water per day to the Abha and Jizan region, when completedin 2010.

Aon Saudi Arabia and Aon Ltd London acts as the consultant and broker on the project.

'This is one of the largest construction insurance contracts in NCCI's history. It will add greatly to our energy portfolio in particular and our overall position as the market leader,' said NCCI's CEO Ali Al-Subaihin.

'In the contract NCCI will provide erection insurance cover for the project. The contract covers delays in start up and third party liability, marine cargo and terrorism,' he added.Trade Arabia News Service