Damietta Port Authority launches insurance policy tender worth 1.2 bln pounds

Egypt’s Damietta Port Authority has launched a call for tenders on a new insurance policy tailored for the authority’s assets, properties, marine units, and vessels.

The insurance policy will insure the authority’s assets, facilities, premises, and stores for one year, with total sum insured up to 1.2 billion Egyptian pounds ($67.7 million), sources with knowledge of the matter told Amwal Al Ghad on Thursday.

The policy will cover hazards of fire, burglary, collapse, natural disasters, explosions, plane crash, machine breakdown, and many more, the sources said.

The sources further said the policy also involves marine insurance to cover the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.