4 Egyptian insurers vying to cover Port Said Container’s assets

Four Egyptian insurance companies are competing to win an insurance policy tender to cover assets and equipment of the state-run Port Said Container and Cargo Handling Co., according to sources.

The companies are the state-owned Misr Insurance, Arab Misr Insurance Group (GIG), Orient Takaful Insurance – Egypt, and Wethaq Takaful Insurance – Egypt, official sources further told Amwal Al Ghad on Tuesday.

The one-year term insurance policy is with a total sum insured up to 1.2 billion Egyptian pounds ($74.8 million), they added.

The policy will see coverage of Port Said Container’s assets and properties against damages related to fire and burglary as well as additional risks, the sources said.

As for the additional risks, they include coverage of explosion and fire produced from self-ignition as well as other dangers related to firefighters that face serious risks in their jobs, besides lightning strikes, the sources added.

The policy also encompasses coverage of the company’s fleet vehicles against damages resulted from collision, loss, fire, burglary, theft, and civil liability, they concluded.