Egypt’s Misr Insurance to cover assets of Port Said Container – sources

Egypt’s Misr Insurance has won an insurance policy tender to cover assets and equipment of the state-owned Port Said Container and Cargo Handling Co., said sources on Wednesday.

The on-year term insurance policy is with a total sum insured up to 1.2 billion Egyptian pounds ($75.4 million), sources with knowledge told Amwal Al Ghad.

Port Said Container had earlier launched a policy tender among non-life insurance companies operating in the country to cover its assets, properties, and equipment, they added.

The insurance policy will see coverage of the company’s assets and properties against damages related to fire and burglary as well as additional risks, the sources said.

As for the additional risks, they include coverage of explosion 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 the company’s fleet vehicles against damages resulted from collision, loss, fire, burglary, theft, and civil liability, they concluded.