Bharat Maritime Insurance Pool (BMIP) – Protection and Indemnity Insurance Product | Prelim Bits

Prelims: Current events of national and international importance | Defence

Why in News?

Recently, Ministry of Finance launched India’s 1^st sovereign‑backed Protection and Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP).

Key Features

Objective – To provide uninterrupted war risk insurance capacity to Indian stakeholders
Coverage – Third‑party liabilities including:
- Crew and cargo liability.
- Pollution liability.
- Wreck removal.
Network – 24x7 port correspondent support.
Indemnity Limit – Up to 1.5 billion dollars through combined pool capacity.
Design – Developed by New India Assurance Company.
The first policy was handed over to the Shipping Corporation of India Ltd.

Reference

The Hindu | BMIP

Bharat Maritime Insurance Pool (BMIP) – Protection and Indemnity Insurance Product

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