Iskan Insurance won the banker’s blanket bond (BBB) policy bid launched by AlexBank, a member of Italian bank Intesa Sanpaolo, according to a source with knowledge.
The sources added that the BBB policy is with an annual sum insured of around 200 million Egyptian pounds ($11.1 million).
Iskan insurance was competing with other insurers including Misr Insurance Company, Orient Takaful Insurance, and Arab Misr Insurance Group (GIG), the source further told Amwal Al Ghad.
The policy will provide AlexBank a blanket cover for losses arising from dishonesty by an employee or of money whilst in transit, in addition to losses or damages of property on premises.
It also includes insurance cover for moral and physical hazards arising from fraudulent alteration of checks, receipt in good faith of any counterfeited or altered paper currency, and loss or damage to offices and contents.
