South Cairo and Giza Mills launches insurance policy bid for assets

Egypt’s state-owned South Cairo and Giza Mills and Bakeries Co. has launched an insurance policy bid for its fixed and current assets, said official sources on Tuesday.

The one-year term policy will see the coverage of the firm’s fixed and current assets for the financial year 2019/2020, the sources told Amwal Al Ghad.

With total sums insured of 350 million Egyptian pounds ($20.9 million), the policy will cover all damages related to fire and burglary as well as additional risks that may occur to the firm’s assets, facilities, and headquarters, besides road, maritime, and cash transports.

As for the additional risks, it includes coverage of fire and explosions produced from self-ignition as well as other dangers related to firefighters that face serious risks in their jobs, besides lightning strikes, they added.

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

It also includes the firm’s fleet vehicles against damage from collision, fire, burglary, theft, and civil liability, they concluded.