Ehcaan floats property insurance tender

The state-run Egyptian Holding Company for Airports and Air Navigation (Ehcaan) has put out to tender a new insurance policy to cover its property, said a report. The policy is with total sum insured of around 15 billion Egyptian pounds ($827 million), for one-year renewable term, reported Amwal Al Ghad, citing sources familiar with the matter. Several local insurance majors are in the race for the project including Misr Insurance Company, Arab Misr Insurance Group – GIG, Orient Takaful Insurance, and Egyptian Takaful Property and Liability Insurance, it stated. The policy will cover Ehcaan’s asserts and property, including premises, of all dangers arising out of fire and burglary besides political violence and incidents such as war, sabotage, coup, terrorism, riots and labours’ strikes with a maximum of $50 million per incident, it added.