Egypt’s Arab Misr Insurance Group – GIG has won a $32 million hotel insurance policy tender launched by Kuwait’s Al Kharafi Group, sources with knowledge said Monday.
The policy is designed to provide Athens Cypria Hotel, owned by Al Kharafi, cover against the risks associated with hotel industry, with total sum insured of $32 million or 576 million Egyptian pounds, the sources further told Amwal Al Ghad.
It will include general property coverage to insure the hotel against damages or loss due to fire, lightening, explosions, and spontaneous combustion, the sources added.
The Athens Cypria Hotel insurance policy will also involve protection from financial losses as well as employee dishonesty and civil liability coverages, the sources said.
In addition, the policy will provide engineering insurance including equipment breakdown coverage, they said.