Displaying items by tag: insurance

India: Ambuja Cement has introduced a comprehensive Group Personal Accident Insurance (GPA) policy for truck drivers. The new policy has a policy cover of around US$7m. It is set to benefit nearly 12,000 drivers, who are third-party employees, in case of accidental death or permanent disability. The subsidiary of Switzerland’s LafargeHolcim says it is the first cement company in the local sector to start such as a plan.

“Road safety has been a big challenge as we have little control beyond our plants’ premises. Introduction of Group Personal Accident Insurance policy for the truck drivers – who operate for round-the-clock dispatches – is yet another step by Ambuja Cement to exhibit how much we value them and their work,” said Ajay Kapur, the managing director and chief executive officer (CEO) of Ambuja Cement.

Libya: The Libyan Cement Company (LCC) plans to rebuild and reopen two cement plants in Benghazi and Hawari. Ahmed Ben Halim, the chairman of parent company Joint Libyan Cement Company (JLCC), said that the priority was getting the plants near Benghazi operational again, according to the Arab Times newspaper. The plants closed in mid-2014 and remained under militant control until mid-2016.

Unfortunately, the plants were damaged in fighting in 2016. Following a survey LCC says that extensive rebuilding will be required and this may take up at least one year. Repair work will be covered by the company’s Political Violence Insurance policy with Lloyds of London.

LCC is 90% owned by the JLCC, a joint venture between Asamar Libya and the Economic and Social Development Fund. Asamer Libya was purchased in 2015 from Asamer by Libya Holdings Group, a company run by Ben Halim. LCC also operates a third cement plant at Derna that has remained operational throughout the conflict.