India, May 12 -- The Government of India has issued a release:
The Department of Financial Services, Ministry of Finance held an event chaired by Secretary, DFS to launch the domestic insurance pool, namely 'Bharat Maritime Insurance Pool' (BMIP) of USD 1.5 billion today, 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 Department of Financial Services including Special Secretary Shri Sanjay Lohiya, Ad...