Suez Canal Insurance wins policy bid for New Alamein’s utilities project

Egypt’s Suez Canal Insurance (SCI) won an insurance policy bid to cover a new project to implement utilities works in New El Alamein City, according to official sources.

The policy is with total sum insured of 874 million Egyptian pounds ($50.9 million), sources with knowledge told Amwal Al Ghad on Monday.

“The project is being executed by the state-owned oil company Petroject within one-year timeframe,” they said.

The insurance policy will include all contractors’ risks during the period of carrying out the project as well as the mechanical, machines, and equipment failure besides the coverage of the civil liability and natural disasters, the sources added.