Misr Petroleum launches import cargo insurance policy tender

Egypt’s state-run Misr Petroleum Co is putting out to tender on a new import cargo insurance policy, sources with knowledge told Amwal Al Ghad on Saturday.

The policy is designed to provide coverage for cargo or goods carried through various modes of transport and transit, in accordance with the Institute of London Underwriters’ (ILU) clauses A, B, and C.

The policy is three-year term, with total sum insured of 100 million Egyptian pounds ($5.5 million) per year, the sources added.

Most of the insurance firms are competing to win Misr Petroleum’s policy tender, including Misr Insurance Company, Wethaq Takaful Insurance – Egypt, Egyptian Takaful Insurance Property and Libility (EGTAK), Arab Misr Insurance Group –GIG, and Tokio Marine General Takaful Egypt, the sources said.

The policy will cover the insured against total and partial losses through various modes of transport and transit, the sources concluded.