Egypt – Investment Authority to amend marine contract
Wednesday, 05 04 2016, Category: Insurance and Reinsurance, Country: Egypt
The General Authority for Investment requested the Insurance Federation of Egypt to amend the marine inland insurance contract covering goods moving between customs areas that under the supervision of the authority at the level of the republic in the free zones in order for coverage to extend until the Customs’ experts finish evaluating the goods.
Mr. Tarek Qadry the General Manager of Marine Insurance Deputy at Suez Canal Insurance and Head of Marine Cargo Insurance Committee of the Insurance Federation of Egypt said that this policy ends within 24 hours of issuance or from the beginning of transportation of goods until they arrive to customs zones whichever is the closer. This contract is different from the policy covering railroad transportation which could extend to 48 hours or until the goods’ arrival.
Source: Al Mal News