India Launches First Sovereign-Backed Maritime Insurance Product
India has launched its first sovereign-backed maritime insurance product, under the Bharat Maritime Insurance Pool (BMIP), marking a major milestone for the country’s maritime industry.
The Department of Financial Services under the Ministry of Finance on Thursday launched the sovereign-backed Protection and Indemnity insurance product designed by the New India Assurance Company.
Financial Services Secretary Sanjay Lohia handed over the first Protection & Indemnity (P&I) insurance policy document to Shipping Corporation of India Ltd.
This insurance offers protection against 3rd party liabilities including crew and cargo liability, wreck removal,…