New Delhi, May 13 -- The government has launched the Bharat Maritime Insurance Pool (BMIP) with a coverage capacity of USD 1.5 billion to ensure uninterrupted maritime insurance coverage amid ongoing geopolitical tensions in the Middle East.
The insurance pool launched by Department of Financial Services (DFS) under Finance Ministey is backed by a sovereign guarantee of USD 1.4 billion (around Rs 12,980 crore).
The insurance pool has been established to provide coverage for maritime risks including Hull and Machinery, Cargo, Protection and Indemnity (P&I), and War Risk for Indian-flagged or controlled vessels, as well as ships originating from or destined for India.
DFS Secretary M. Nagaraju handed over the first Marine Hull &...