Egyptian Takaful Insurance Co. (Property) has won an insurance policy bid to cover the assets of a factory producing potato-chip bags in Sixth of October City, according to a senior official.
Egyptian International Insurance Brokerage Co. (IIBC) had earlier mandated Takaful Insurance a policy to cover the factory’s assets and warehouses, said chairman Mohamed Hassan on Monday.
The policy is with a total sum insured up to $3.5 billion or around 60 million Egyptian pounds, Hassan further told Amwal Al Ghad.
The policy will cover damages arising from fire, burglary, and additional risks that may occur to the factory’s assets and warehouses as well as route and maritime transports, and cash transfer, he said.
As for the additional risks, they include coverage of explosions and fire produced from self-ignition as well as other dangers related to firefighters that face serious risks on their jobs, besides lightning strikes, Hassan added.
“The policy also encompass coverage of risks related to natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents, Hassan said.