Four insurers vying to cover New Cairo’s vehicles, equipment – sources

Four Egyptian public and non-life insurance companies are seeking to win an insurance policy tender to cover fleet vehicles, equipment, and motorcycles in New Cairo, official sources said on Monday.

Misr Insurance, Takaful Insurance (Property), Life Takaful- GIG, and Wethaq Takaful Insurance had earlier submitted their technical and financial offers to cover vehicles and equipment owned by New Cairo City’s Board of Trustees.

With a total sum insured of 58.05 million Egyptian pounds ($3.4 million), the two-year term policy sees the coverage of risks that may occur to the equipment and motorcycles of Cairo City’s Board of Trustees, the sources told Amwal Al Ghad.

“The insurance policy includes covering risks related to complementary set of vehicles that may occur to motorcycles and fleet vehicles owned by New Cairo Development Authority,” they said.

Also, the policy includes coverage of all risks related to fire and partial and total theft for cars and motorcycles, besides civil liability, the sources added.

It also encompasses coverage of equipment failure against damages raising from fire, burglary, and additional risks, the sources said.