Misr Insurance wins mandate to cover Egyptian Copper Works’ assets

Egyptian state-owned Misr Insurance won an insurance policy bid of 560 million Egyptian pounds ($33.7 million) to cover Egyptian Copper Works Co.’s assets and vehicles, according to sources.

With total sum insured of 487 million pounds, the policy includes coverage of Egyptian Copper Works’ assets, properties, premises, and affiliate stores against all damages arising from fire and burglary as well as additional risks, the sources added.

As for the additional risks, they encompass coverage of explosions, natural disasters, and car crash, the sources further told Amwal Al Ghad.

“Egyptian Takaful Insurance Company (Property), Egyptian Saudi Insurance House, and Wethaq Takaful Insurance- Egypt were also competing to win the insurance policy,” they said.

The one-year term policy also insures metal safes in the company’s affiliates against risks related to robbery, burglary, and fire, with total sum insured up to 2 million pounds, the sources added.

“The policy includes coverage of burglary, at a total of 70 million pounds as well as dishonesty of trustees, at a total of 200,000 pounds,” the sources added.

In addition, it involves coverage of Egyptian Copper Works’ fleet vehicles against damages resulted from collision, loss, fire, burglary, theft, and civil liability, they concluded.