Marine cargo Insurance Committee offers conditions to the IFE

The General Marine- Cargo Insurance Committee, a member of Insurance Federation of Egypt (IFE), offered the conditions of the marine cargo (A-B-C) war risk insurance in London to the IFE and Egyptian Financial Supervisory Authority (EFSA), to be introduced in the Egyptian market in the upcoming period.

The most prominent conditions are determining the potential losses and harms to the goods during transferring them from the exporter’s store to the importer’s store during the time of wars. These losses may be caused by robbery, ships clash due to mutual mistake or not delivering the goods.

Tarek Kadry, committee member and the general manager of marine insurance sector in Suez Canal insurance co., said that the committee finished translating these conditions in the meeting held on past Thursday, adding that the committee members approved holding a seminar on river transportation after choosing a new head, in order to choose the seminar date, as Laila Azzam, the former head of the committee retired.

Amwal Alghad