Egyptian Takaful Property wins Orange Egypt’s insurance policy tender

Egyptian Takaful Property and Liability Insurance (EGTAK) has won an insurance policy tender launched by Orange Egypt, sources with knowledge of the matter told Amwal Al Ghad on Sunday.

The three-year insurance policy launched in March designed to insure Orange Egypt’s properties and assets. It will be at a total sum insured of up to 25 billion Egyptian pounds ($1.6 billion), sources said earlier in March.

The policy will have coverage for Orange’s branches, establishments, and warehouses against risks arising from fire, burglary, natural disasters including explosions, self-ignition, and lightening. It will also cover risks for charges imposed by a fire department for their services in fighting a fire.

Orange’s policy will insure against natural disasters to cover losses, damages arising from earthquakes, storms, volcanoes, floods. In addition, it will cover dangers arising from riots, labour strikes, debris removal, demolition of buildings, leaking plumbing if the leak is sudden and accidental, and aircraft accident, the sources added.

There will be also collision and political violence coverages, the sources noted, saying the policy would also insure cash transfer.