The Bharat Maritime Insurance Pool was launched with a USD 1.5 billion capacity backed by a USD 1.4 billion sovereign guarantee to provide insurance coverage for Indian vessels, reducing dependence on foreign Protection and Indemnity clubs.
One-Liners
| Fact / Entity | Detail |
|---|---|
| What | Launch of Bharat Maritime Insurance Pool (BMIP) |
| Capacity | USD 1.5 billion |
| Sovereign Guarantee | USD 1.4 billion |
| Purpose | Insurance for Indian vessels; reduce reliance on foreign P&I clubs |
| Policy Anchor | Atmanirbhar Bharat |
| Sector | Maritime shipping and insurance |