Egypt’s state-owned Misr Insurance has won an insurance policy tender to cover the assets and facilities of a refining using vegetable oils in Alexandria, the country’s second largest city, according to a senior official.
Egyptian International Insurance Brokerage Co. (IIBC) had earlier mandated Misr Insurance to cover the oil refining’s assets and facilities, IIBC’s chairman Mohamed Hassan told Amwal Al Ghad on Tuesday.
The one-year term insurance policy is with a total sum insured up to 2.7 billion Egyptian pounds ($167.2 million), Hassan added.
“The policy encompasses coverage of the oil refinery’s facilities against damages arising from fire, burglary, and additional risks,” he said.
As for the additional risks, they include coverage of explosions and fire produced from self-ignition as well as other dangers related to firefighters that face serious risks on their jobs, besides lightning strikes, Hassan added.