Misr Insurance wins Etisalat Misr’s insurance policy tender

Misr Insurance Company has won a tender to provide insurance cover for Etisalat Misr, the Egyptian arm of UAE telecommunications firm Etisalat, sources with knowledge told Amwal Al Ghad on Sunday.

The policy is designated to cover Etisalat Misr’s assets, property, and networks of all dangers arising out of fire and burglary in addition to land and marine transportation and accidents, with total sum insured of more than 10 billion Egyptian pounds (around $550.3 million).

The sources further told Amwal Al Ghad that the policy also includes political violence cover, which shall come into effect next July 26th, with total sum insured of $50 million. It will cover the group’s assets and property against physical loss and damage, as well as any consequential financial loss, as a result of a terrorist act or acts of political violence, they added.

Etisalat’s policy will also cover liability to employees for work-related bodily injury or accidents, with total sum insured of 600 million pounds approximately. In addition, the policy will provide employers’ liability and civil liability coverage, with total sum insured of 500 million pounds and 20 million pounds, respectively, the sources noted.

Dishonesty cover is also included in the policy with total sum insured of 2.5 million pounds per incident, the sources referred, saying the cash transfer cover will be provided with total sum insured of 153 million pounds.