FinMin launches Protection & Indemnity Insurance product under Bharat Maritime Insurance Pool
The Indian Ministry of Finance has launched a sovereign-backed Protection and Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool. This initiative aims to provide financial protection for maritime liabilities and reduce reliance on foreign insurance markets.
Why it matters
This move strengthens India's maritime infrastructure and reduces costs for domestic shipping stakeholders by fostering local underwriting capacity.
The Department of Financial Services under the Ministry of Finance on Thursday (July 30, 2026) launched India's first sovereign-backed Protection and Indemnity insurance product under Bharat Maritime Insurance Pool (BMIP), designed by the New India Assurance Company.
On this occasion, Financial Services Secretary Sanjay Lohia handed over the first Protection & Indemnity (P&I) insurance policy document to Shipping Corporation of India Ltd.
The insurance provides financial protection against third-party liabilities, including Crew & Cargo liability, pollution liability, wreck removal, 24x7 port correspondent network with an indemnity limit up to $1.5 billion, through the combined capacity of the pool, the Finance Ministry said in a statement.
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