Egypt’s Misr Insurance to cover assets of plastics factory in 10th Ramandan City

Egypt’s state-owned Misr Insurance has won an insurance policy tender to cover the assets of a polythene and plastics factory in 10th of Ramadan City, said a senior official on Wednesday.

Egyptian International Insurance Brokerage Co. (IIBC) had earlier mandated Misr Insurance to cover the factory’s assets, IIBC’s senior client account manager Mohamed Mamdouh added.

The one-year term insurance policy is with a total sum insured up to 285 million Egyptian pounds ($17.8 million), Mamdouh said.

“The policy includes coverage of the factory’s properties and facilities against damages arising from fire, burglary, and additional risks,” 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, Mamdouh concluded.