Misr Insurance wins mandate to cover EgyptAir’s assets – sources

Egypt’s state-run Misr Insurance has won an insurance policy tender to cover EgyptAir’s assets, facilities, and vehicles against all risks, said official sources on Tuesday.

“The policy will see the coverage of the state-owned carrier EgyptAir’s assets, at a total sum insured up to around $480 billion or 8 billion Egyptian pounds,” the sources further told Amwal Al Ghad.

The policy includes coverage of damages related to fire and burglary, besides additional risks that may occur to EgyptAir’s assets, facilities, and headquarters as well as route and maritime transport and cash transfers, they added.

As for the additional risks, they encompass 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 sources said.

“The policy will also cover risks arising from natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents,” the sources said.

Also, the policy includes coverage of EgyptAir’s fleet vehicles against damages resulted from collision, loss, fire, burglary, theft, and civil liability, they concluded.