Three Egyptian insurance companies are competing to win a policy bid to cover the assets of the General Cooperative Association for Agriculture Reform, said official sources on Wednesday.
The three insurers are Misr Insurance, Egyptian Takaful Insurance (Property), and Wethaq Takaful Insurance, the source in the insurance sector further told Amwal Al Ghad.
With a total sum insured of 150 million Egyptian pounds ($9 million), the one-year term policy will see the coverage of the association’s assets, projects, cars, and liabilities against all damages from fire and additional risks, he added.
The insurance policy also includes coverage of risks related to fire that may occur to the association’s premiums and properties, at a sum insured up to around 90 million pounds, the source said.
“Covering the association’s projects against fire policy will be with a sum insured of 40 million pounds,” he said.
Also, the policy encompasses coverage of fleet vehicles against damages from collision, fire, burglary, theft, and civil liability, with a sum insured of 10 million pounds, the source added.
It also includes coverage of dishonesty of trustees, at a total of 10 million pounds, the source concluded.