Egypt’s Port Said Container negotiating with insurers to cover its assets – sources

Egypt’s state-owned Port Said Container and Cargo Handling Co. is negotiating with non-life insurance companies operating in the country to cover its assets, according to sources.

The one-year term insurance policy is with a total sum insured up to 1.2 billion Egyptian pounds ($74.2 million), sources with knowledge told Amwal Al Ghad.

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

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, the sources concluded.