Cabinet approved creation of Bharat Maritime Insurance Pool with Rs 12,980 crore sovereign guarantee to ensure continuous maritime insurance coverage.
Pool covers all maritime risks including Hull, Machinery, Cargo, P&I and War risks for vessels to/from Indian ports.
Addresses global volatility and reduces dependency on international insurers with Rs 950 crore combined underwriting capacity.
Ensures affordable insurance for Indian trade transiting volatile maritime corridors and maintains sovereignty in coverage.