Al-Tayyar Insurance Broker has assigned insurance contracts to four aircraft owned by Nile Air Company to Arab Misr Insurance Group (GIG) for annual installments of $1.2m.
Managing Director of Al-Tayyar Hamdi Abdel-Meguid said that Willis Tower Watson, the third largest reinsurance brokerage firm in the world, has assigned reinsurance on aircraft from GIG to Lloyd’s insurance market in Britain.
He told Daily News Egypt that the contract covers damages related to the body of the aircraft, as well as other risks including wars through a separate contract for military risks that may affect the body of the aircraft due to any military act or hijacking of the plane.
Abdel-Meguid explained that the insurance contract also covers the safety of passengers, bags, and cargo on board. These responsibilities come into effect when the operation of the aircraft includes this information on the plane ticket.
He added that the coverage includes the company’s responsibility towards the other party, which includes property or people outside of the plane.
Abdel Meguid said Al-Tayyar has assigned medical insurance contracts to about 6,000 workers of Nile Air for annual installments of EGP 2m. This contract, which includes medical services, would be provided and managed by Prime Healthcare Services.
Nile Air was officially launched in 2008, and started its operations in mid-2010 as a private Egyptian company. It is owned by Al-Tayyar which operates in tourism and is owned by Saudi businessman Nasser Al-Tayyar.
Nile Air earlier announced its intention to purchase two Airbus 320 to add them to the company’s fleet by 2017.