Egyptian Takaful Insurance Co. (Property) has won an insurance policy bid to cover the state-run South Cairo and Giza Mills and Bakeries’ fixed and current assets, according to sources.
With total sum insured of 350 million Egyptian pounds ($21 million), the one-year term policy will see the coverage of South Cairo and Giza Mills’ fixed and current assets for the financial year 2019/2020, the sources told Amwal Al Ghad.
“The policy will cover all damages related to fire and burglary, besides additional risks that may occur to South Cairo and Giza Mills’ assets, facilities, and premises as well as road, maritime, and cash transports,” they added.
As for the additional risks, it includes 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 also encompasses coverage of risks arising from natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents, the sources said.
It also includes the firm’s fleet vehicles against damage from collision, fire, burglary, theft, and civil liability, they concluded.