Egypt’s Banque du Caire invites insurers to cover assets

Egypt’s state-run lender Banque du Caire is negotiating with a number of public and non-life insurance companies operating in the country to cover its assets and facilities, an official source said on Sunday.

The one-year term insurance policy will see coverage of the bank’s assets and facilities against all risks, with a total sum insured of 7 billion Egyptian pounds ($421.7 million), the sources further told Amwal Al Ghad.

“The policy includes coverage of all damages related to fire and burglary as well as additional risks that may occur to Banque du Caire’s assets, facilities, and headquarters, besides route and maritime transports and cash transfer,” he said.

As for the additional risks, they encompass 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, the source added.

The policy also includes coverage of risks arising from natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents, the source said.

“The policy includes coverage personal accidents and dishonesty of trustees that may occur to the bank’s employees, with a total sum insured up to 10 billion pounds,” he added.

It also encompasses Banque Du Caire’s fleet vehicles against damage from collision, fire, burglary, theft, and civil liability, he concluded.