3 insurers vying to win policy bid for Egyptian copper works’ assets

Big 5

Three insurance firms plan to win an insurance policy bid of 560 million Egyptian pounds ($32.4 million) to cover the assets and vehicles of Egyptian copper works Co. against all the risks, according to sources.

The three firms are Egyptian Takaful Insurance Company (Property), Egyptian Saudi Insurance House, and Egyptian Life Takaful Company- GIG, the official sources further told Amwal Al Ghad on Wednesday.

The policy will cover Egyptian copper works’ assets and premises against damages from fire, burglary, natural disasters, and explosions, at a total of 487 million pounds, they said.

It will also include risks of fire, robbery, and burglary, at a total of 2 million pounds.

The policy is to include the coverage of burglary, at a total of 70 million pounds as well as dishonesty of trustees, at a total of 200,000 pounds, the sources said.

The policy will include cover Egyptian copper works’ fleet of vehicles against risks of damages, loss, fire burglary, and theft.

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