Misr Insurance wins Banque du Caire’s fire policy – source

Egypt’s Misr Insurance has won an insurance policy bid to cover the state-run lender Banque du Caire’s assets and facilities against fire, an official source said on Wednesday.

The one-year term policy is with a total sum insured of 7 billion Egyptian pounds ($429.2 million), the source further told Amwal Al Ghad.

“The policy will see coverage of Banque du Caire’a assets, facilities, and headquarters against damages related to fire and burglary as well as additional risks,” he said.

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 source added.

The insurance policy will also cover risks arising from natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents, the source added.

“The policy encompasses coverage of Banque du Cair’s fleet vehicles against damages resulted from collision, loss, fire, burglary, theft, and civil liability, he said.

Also, it includes coverage of personal accidents and dishonesty of trustees, with a total sum insured up to 10 million pounds, the source concluded.