New Delhi, May 12 -- The Department of Financial Services, Ministry of Finance, held an event chaired by the Secretary, DFS, M Nagaraju to launch the domestic insurance pool, namely 'Bharat Maritime Insurance Pool' (BMIP) of USD 1.5 billion on Tuesday, with a sovereign guarantee of USD 1.4 billion (Rs 12,980 crores) to facilitate continuous maritime insurance coverages.

The pool covers all maritime risks such as Hull and Machinery, Cargo, P&I and War risk for Indian flagged or controlled vessels or vessels destined to or starting from India, in the context of the current Middle East tensions.

The event was attended by senior officers from the Department of Financial Services, including Special Secretary Sanjay Lohiya, Additional Secreta...