New Delhi, April 20 -- The Union Cabinet, chaired by Narendra Modi, has approved the creation of a domestic insurance mechanism, Bharat Maritime Insurance Pool (BMI Pool), backed by a sovereign guarantee of Rs 12,980 crore to ensure uninterrupted maritime insurance coverage. The move aims to provide affordable and continuous insurance for vessels carrying cargo to and from Indian ports, particularly amid rising geopolitical tensions and disruptions in global shipping routes. Ensuring continuity amid global risks The government noted that increasing global volatility has raised risks for maritime trade, leading to higher insurance premiums and uncertainty in coverage availability. Indian shipping has remained heavily dependent on in...