Semiramis Estimates Compensation At EGP 50 Mln, No Insurance Coverage Over Political Violence
InterContinental Cairo Semiramis Hotel estimated the value of initial compensation for the violence it witnesses in the last few days at EGP 50 million, sources said.
The Hotel’s insurance policy does not cover the risks of political violence; therefore, the landmark Cairo hotel is not entitled legally to receive compensations from its insurer Misr Insurance Company.
Sources at Misr Insurance Company affirmed that the company has severally called on institutions, factories and hotels to ask for the political violence insurance policy after the revolution because of the rampant turbulence which resulted from political reasons.
It is worth mentioning that InterContinental Cairo Semiramis Hotel holds an insurance policy worth US$ 155 million covering risks of fire, burglary and breach of trust.
Semiramis Hotel was attacked by mobs last Tuesday during clashes between security forces and protestors near Tahrir Square. Security forces arrested 28 people accused of carrying out the attack.
