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The Cooperative Insurance Association is addressing its clients to quickly re-evaluate their assets

Iman Al-Wasili Cairo, November 2 2022. 3500 3500 ) The Egyptian Association for Cooperative Insurance “ )cis” by taking Several procedures to address its clients who hold property insurance policies and their beneficiaries to review the insurance amounts of their policies to ensure that the insurance amounts stipulated in the insurance policy are not less than the value of the original

Mustafa Abu Al-Azm, managing director of “The Egyptian Cooperative Insurance Association” We call upon the honorable clients of the association to go to it or any of its branches to Usually estimating the values ​​of the insured assets and the sums of insurance in proportion to their market values ​​and in a manner that preserves the rights of policyholders and beneficiaries, and avoiding Relativity clause when disbursing compensation . 3500 revealed Abu Al-Azm about some of the measures taken towards its clients to preserve the rights of document holders from those who deal with it, the most important of which is addressing the customer service department of the association to its clients and sending letters of “

SMS on their mobile phones and send official letters to the owners of major establishments And others who are dealt with via e-mail or with acknowledgment of receipt and many other methods aimed at moral and material commitment towards Our customers always.

Abu Al-Azm indicated that the Cooperative Insurance Association is addressing its clients to re-evaluate the current value of their assets and properties to adjust the insurance amounts in the documents so that the market value of the asset matches the insurance amount recorded in the insurance policy so as not to decrease The value of the compensation owed to the client in a large way, causing him to be upset and unjustly blaming the insurance companies.

Abu Al-Azm stressed the need to review the values ​​of the insured assets (Buildings – machines – factories stock, etc.) according to the current market prices and the speed of providing the association with them to reconsider the amounts insured with the issued documents so that the proportionality condition is not applied and based on this, customers submit a request for the documents they have by adding an appendix to the document that includes the additional amount in order to match the value The market value of the asset with the insurance amount recorded in the document .

(The Managing Director of the Cooperative Insurance Association explained cis that the client can obtain the full value of the compensation amount in the event the risk is realized and avoids applying the proportionality condition when disbursing the compensation in order to match the insurance amounts with the market values The assets subject to insurance at the time of the claim, especially in light of the current economic developments and changes, which included the decision of the Central Bank to raise interest several times within a few months to curb inflation, which resulted in an increase in prices And an increase in the current values ​​of the insured assets on them . Abu Al-Azm gave an example of avoiding the “relativistic condition” to protect the client, saying that the price of the insurance asset changed after 6 months of insurance and its market value became 450 One thousand pounds One thousand pounds with the customer’s commitment to re-evaluating that asset and adjusting the amount of insurance in the document to become the market value of the asset subject to insurance 50 One thousand pounds and the insurance amount stipulated in the document 2250 one thousand pounds, and the value of the premium – the cost of insurance – according to the average prices in the market, for example 3500 EGP plus 3500 EGP – additional premium – this is equal to 6050 pounds and assuming the value of the damage incurred upon the occurrence of an accident 50 thousand pounds, then the value of the compensation paid by the association will be 50 one thousand pounds, and therefore the client does not bear any cost unless the document includes a percentage It is charged to the customer, but if this does not happen, the compensation will be reduced 3500