Cairo metro to announce winner of marine cargo insurance tender on Tuesday

Egypt’s metro authority will announce the winner of its marine cargo insurance tender on Tuesday.

Misr Insurance, Arab Misr Insurance Group GIG, Orient Takaful Insurance Company, and Wethaq Takaful Insurance are rivalling to win the Cairo Metro insurance policy, sources with knowledge told Amwal Al Ghad on Monday.

The policy is with total sum insured worth €224 million ($263 million), designated to insure the materials and equipment needed for in the fourth phase of Cairo Metro’s third line, they added.

The sources further said the marine cargo policy includes insurance cover for total and partial loss or damage to imported equipment and materials conveyed by sea or air, resulting from theft, burglary, non-delivery, total and partial loss of the goods, pollution, and breakages.

The policy also covers all loss or damage to imported equipment and materials which arises from drowning, vessel collision, they added.

The 5.15-kilometer of the fourth phase of the third line of Cairo’s Metro includes five metro stations serving areas of Heliopolis from Haroun El Rashid to Salam City on the outskirts of Cairo.