India Sets Sail with Bharat Maritime Insurance Pool

The Indian government, in a decisive move on Saturday, sanctioned the establishment of the Bharat Maritime Insurance Pool, a groundbreaking initiative to bolster the nation's maritime insurance sector with a sovereign guarantee worth Rs 12,980 crore. This strategic decision was unveiled by Information and Broadcasting Minister Ashwini Vaishnaw during a briefing that followed a Cabinet meeting chaired by Prime Minister Narendra Modi.

Designed to stabilize and sustain maritime insurance access, the pool promises prolonged support for Indian trade, particularly ensuring vessels carrying cargo between global origins and Indian ports remain insured, even amidst the challenges of navigating volatile marine corridors.

Eligible for Indian-flagged or controlled vessels, or those embarking to and from Indian shores, the pool offers comprehensive coverage. It spans risks including Hull and Machinery, Cargo, Protection & Indemnity, and War risks. Leveraging a combined underwriting capacity nearing Rs 950 crore, policies will be provided by insurers participating as Pool members.