Cabinet Approves Bharat Maritime Insurance Pool with Sovereign Guarantee

The Union Cabinet, led by Prime Minister Narendra Modi, has given the green light for the establishment of the Bharat Maritime Insurance Pool (BMI pool) with a sovereign guarantee of Rs 12,980 crore. This initiative aims to provide continuous maritime insurance coverage for Indian trade vessels, mitigating risks associated with global volatility, geopolitical instability, and reducing reliance on external insurance entities. The BMI pool will address risks such as Hull and Machinery, Cargo, Protection and Indemnity (P&I), and War risk, ensuring affordable and accessible coverage as vessels transit international to Indian ports and through volatile maritime corridors.

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