Egypt delays insurance tender results of two power plants till year-end
The state-run Egyptian Electricity Holding Company (EEHC) will postpone selecting winners in its two insurance policies on the under-construction West Cairo and Walidiya power plants until late December.
The company needs more time to study the financial and technical offers of the insurers competing to win the two insurance policies, sources with knowledge of the matter told Amwal Al Ghad on Monday.
The first insurance policy is in favour of Walidiya Power Plant in Assiut with total sum insured of 924 million Egyptian pounds to cover locally-supplied machineries and $427 million for others imported from abroad, the sources said.
As for the West Cairo Power Plant insurance policy, it is with total sum insured of 683 million pounds to cover made-in-Egypt equipment and $383 million for others imported from abroad, the sources added.
The two policies provide engineering insurance coverage against risks of losses and damages resulting in machine installation, fire, explosions, floods, and earthquakes as well as mal-installation, the sources stated.
The list of insurers competing to win the insurance policies includes Misr Insurance, Arab Misr Insurance Group – gig, and Orient Takaful Insurance Company, the sources revealed.
EEHC was supposed to announce the winners in the West Cairo policy by end of earlier October, the sources said. The company was also supposed to open the envelopes for Walidiya policy on November 27th, they added.
