New Delhi, April 18 -- In a significant decision, the Union Cabinet on Saturday approved the creation of the 'Bharat Maritime Insurance Pool' (BMI pool) with a Rs 12,980 crore sovereign guarantee to ensure uninterrupted maritime insurance coverage amid rising global uncertainties.

Briefing about decisions taken at meeting of the Union Cabinet, Information and Broadcasting Minister Ashwini Vaishnaw said the pool ensures that Indian trade continues to have access to affordable insurance for vessels carrying cargo from any international origin to Indian ports and vice-versa, even when transiting volatile maritime corridors.

"Any ship that goes into the ocean has insurance. Insurance is available for many types of activities. There's basic ...