Four Egyptian insurance companies are competing to win an insurance policy bid for the fixed and current assets of the state-owned South Cairo and Giza Mills and Bakeries Co., said official sources on Monday.
Misr Insurance, Takaful Insurance (Property), Life Takaful- GIG, and Egyptian Saudi Insurance House had earlier submitted their technical and financial offers to cover South Cairo and Giza Mills’ assets for the financial year 2019/2020.
“The one-year term policy is with total sum insured up to 350 million Egyptian pounds ($20.9 million),” the sources in one of the insurance companies further told Amwal Al Ghad.
The insurance policy will cover all damages related to fire and burglary as well as additional risks that may occur to the company’s assets, facilities, and headquarters, besides road, maritime, and cash transports, they added.
As for the additional risks, they include 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, the sources said.
“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 company’s fleet vehicles against damage from collision, fire, burglary, theft, and civil liability, they concluded.