5 Insurance Policies That Are Not Very Popular in Egypt

There are many types of insurance policies available on the market in Egypt but only a few are well known.  Which is why Faydety decided to introduce some of the lesser known policies such as insurance on imported goods, antiques, and medical equipment.

Imported Goods Insurance

If you import goods such as chemicals and their byproducts for example then it is possible for you to insure them. The insurance policy protects your merchandise from dangers while being shipped and unloaded. The policy lapses once the goods reach the port or within 30 days of reaching the port if they are being temporarily stored for any reason.

The insurance policy price and terms differ from one insurance company to another and also depends on the merchandise being insured. The client does have the right to specify the duration of the policy as long as it does not exceed 30 days after the merchandise reaches the port.

Electrical Equipment Insurance Policy

This encompasses electrical equipment for communication including new mobile phones, telephone exchange (what we call central), radar, wireless and radio networks, TV & radio receivers and transmitters, satellite stations, and many other electrical equipment. 

This type of policy covers damage caused by lightning strikes, fire, electric malfunction, explosions, liquid damage, and premeditated acts of sabotage.

Medical Equipment Insurance Policy

As a doctor you can insure any medical equipment in your clinic such as MRIs, X-Ray machines, radiology devices, laser devices, and analysis and diagnostic equipment. The policy covers the insurance of the medical equipment.

Antiques and Rare Artifacts Insurance Policy

The type of insurance policy covers land, sea, and air transportation of any antique or artifact in general. Coverage begins as the artifact is being packaged and includes transportation, shipping, loading and unloading as well as the duration the artifact is put on display in another country or location. The policy ends once the piece is back to its original location. 

Pension Insurance Policy

This is not social security. It is an additional pension that you can get from the insurance company in addition to the regular social security pension. For this type of insurance policy the insured’s family may receive the pension even after the insured’s demise. 

One condition is that the insured must have a stable income from either a private or governmental job, also the later the policy is acquired before the insured reaches 60 years of age the larger the premium will be. 

Most insurance companies that offer this service are concerned with the applicant’s health, age, and if they have a stable income.