EgyptAir launches insurance policy tender for assets
Friday, 06 14 2019, Category: Insurance and Reinsurance, Country: Egypt
State-owned carrier EgyptAir has launched an insurance policy tender among public and non-life insurance companies operating in the country, said official sources on Monday.
The policy will see the coverage of EgyptAir’s assets, facilities, and vehicles against all risks, the sources in the insurance sector further told Amwal Al Ghad.
With a total sum insured of $480 million or around 8 billion Egyptian pounds, the policy will cover damages related to fire and burglary as well as additional risks that may occur to EgyptAir’s assets, facilities, and headquarters, besides road, maritime, and cash transports.
As for the addition risks, it includes coverage of fire and explosions produced from self-ignition as well as other dangers related to firefighters that face serious risks on their jobs, besides lightning strikes, the sources added.
“The policy includes coverage of risks arising from natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents,” they said.
It also includes EgyptAir’s fleet vehicles against damage from collision, fire, burglary, theft, and civil liability, they concluded.
Source: Arab Finance