Egyptian Takaful Insurance to cover oil firm Dapetco’s assets – sources

Egyptian Takaful Insurance Co. (Property) has won an insurance policy tender to cover South Dabaa Petroleum’s (Dapetco) assets and facilities, said official sources on Wednesday.

The one-year term policy will see the coverage of Dapetco’s assets and facilities against all risks, with a total sum insured up to 175 million Egyptian pounds or around 2.9 billion pounds, the sources told Amwal Al Ghad.

“A number of public and non-life insurance companies operating in the Egyptian market, notably Misr Insurance and Orient Takaful Insurance, were competing to win the policy,” the sources said.

The insurance policy includes coverage of damages related to fire and burglary, besides additional risks that may occur to Dapetco’s assets and headquarters as well as route and maritime transport and cash transfers, they added.

As for the additional risks, the policy encompasses coverage of explosions 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 said.

The policy will also cover risks arising from natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents, they said.