Orient Takaful Insurance Company said on Monday it won a mandate to provide an insurance cover for the first phase of a residential project in Egypt's new administrative capital. The company won an insurance policy tender for the execution of the first phase of the fifth residential district in the new capital, said its vice president for engineering and general accident department, Sahar Mohsen. The policy tender, which includes engineering insurance cover, is with a total sum insured up to 2.225 billion Egyptian pounds ($124.2 million), Mohsen told Amwal Al Ghad. The first phase includes drilling, infrastructure, construction, and building works, she said. The policy will also insure contractors and provide insurance coverage against risks and damages, which can be encountered due to natural disasters during execution of construction works, Mohsen added. It will also provide third party civil liability insurance cover, she said.
