New Delhi, July 30 -- The Department of Financial Services (DFS), Ministry of Finance, has launched India's first sovereign-backed Protection & Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP).

Designed by The New India Assurance Company Limited, the official launch took place at an event in New Delhi today, chaired by Sanjay Lohiya, Secretary, DFS. During the proceedings, the Secretary handed over the initial P&I policy document issued by New India Assurance to the Shipping Corporation of India Limited.

According to the Ministry of Finance, the newly introduced product offers coverage against third-party liabilities, including crew and cargo liability, pollution liability, and wreck removal. Supported b...