Insurance Federation of Egypt (IFE) will hold a joint committee encompassing accident, engineering and reinsurance committees on Sunday to define riots and labor unrest, said Ali Bashendy, deputy head of accident insurance committee at IFE and head of the technical department at AMIG.
Such move comes as insurance companies demanded these definitions so as to avoid potential disputes between insurers and insureds, said Bashendy.
Ahmed Morsi, head of technical department at Egyptian Takaful Insurance Company (property) and head of engineering insurance committee at IFE, said the nuclear insurance policy was translated and submitted to the executive committee of IFE to be approved and afterwards launched in a symposium.
Morsi affirmed that this policy is not obligatory but it just sets guidelines for insurers. In the next meetings, the stock corruption policy will be translated, he added.
It is worth mentioning that the nuclear insurance policy was translated last March. This policy includes items from installation errors, liability and operation insurance policies.
