Etisalat Misr launches $50 million political violence insurance policy tender

Etisalat Misr, the Egyptian arm of UAE telecommunications operator, has put out to tender a new political violence insurance policy.

The policy is with total sum insured of $50 million (around 900 million Egyptian pounds).

Several local insurers are competing to win Etisalat Misr’s policy, including last year winner Misr Insurance, Arab Misr Insurance Group – GIG, Egyptian Takaful Property and Liability Insurance (EGTAK), and Orient Takaful Insurance, sources with knowledge told Amwal Al Ghad on Wednesday.

The policy is designated to cover Etisalat Misr’s assets and property against physical loss and damage, as well as any consequential financial loss, as a result of a terrorist act or acts of political violence.

Political violence cover will be a one-year term starting next June 26, to be provided for incidents such as sabotage, terrorism, riots, labours’ strikes, revolutions, war, and Coup d’état.

The policy also includes cover for Etisalat Misr’s assets, property, and networks of all dangers arising out of fire and burglary in addition to land and marine transportation and accidents, with total sum insured of 10 billion pounds, the source added.