Article 5 of the Saudi Cash Transport Law

This article imposes an insurance obligation on all bodies holding a license to practice the activity of transporting cash, precious metals and valuable documents, the license issued under Article 4.

Elements of the obligation as stated in the text:

• The body must conclude an insurance policy.
• The policy must be with one of the insurance companies licensed to operate in the Kingdom, so insurance with a company not licensed in it is not enough.
• The policy must cover the value of all the transported items, that is, everything transported in the way of cash, precious metals and valuable documents, not a part of it.

The apparent purpose of this provision is to protect the owners of the transported funds from loss in the event of an accident or theft during transport. The obligation is general for all licensed bodies without exception. Violating it is among the violations of the Law considered by the committees provided for in Article 14 and punished under Article 15.

The article does not deal with the details of the policy's conditions or its term, and a lawyer specializing in commercial or insurance cases can be consulted when reviewing the policy.