Suez Canal Insurance wins $120 million Policy for US Drilling Equipments

Suez Canal Insurance Company has won an insurance policy worth US$120 million, director of hull insurance sector Ayman Nassef announced on Wednesday.

Nassef stated that the policy is dedicated for the equipments used in drilling the new Suez Canal. The equipments are supplied by an US-based firm taking part in one of the consortia for the new Egyptian waterway, he added.

Speaking to Amwal Al Ghad, Nassef said the insurance policy is with total sum insured of US$120 million, to provide coverage against all risks of marine insurance during building, operation, and maintenance processes.