The leading insurer in MENA region, Misr Insurance Company has won a policy bid to insure the assets and properties of Zewail City of Science and Technology.
The policy is a one-year term and with total sum insured of 502.1 million Egyptian pounds (US$64.2 million).
Misr Insurance has beaten off fierce competition against six other insurers, namely Suez Canal Insurance, Orient Takaful Insurance, Arab Misr Insurance Group S.A.E (GIG), Egyptian Takaful – Non-life, and Tokio Marine Group, Royal Insurance.
Zewail City of Science and Technology is a non-profit, independent institution of learning, research and innovation. With its three constituents – the university, research institutes, and Technology Park – the city is designed to bring about effective participation in 21st Century science, to elevate local technologies to the world level, and to increase national productivity. It aims to contribute to building a knowledge-based society founded on creative thinking by providing a merit-based education and engaging with the public-at-large. The city is chaired by Nobel laureate, Ahmed Zewail.
Out of the total sum insured, the policy allocates around 250 million pounds to cover the dangers arising out of fire, burglary, and other risks on the city’s property and assets, sources with knowledge of the matter told Amwal Al Ghad Sunday.
The sources further said the policy also covers political violence, with allocation of 250 million pounds, designated to protect the city’s assets and property against dangers of sabotage, civil disorder, and workers’ strikes.
Furthermore, the policy includes covering the cash transfer with sum insured of 1.4 million, dishonesty with 400,000 pounds, as well as civil and vocational liability with total 300,000 pounds.
