India Launches Sovereign-Backed Bharat Maritime Insurance Pool

# India Launches Sovereign-Backed Bharat Maritime Insurance Pool ### Why in News? The **Department of Financial Services** launched India’s first sovereign-backed **Protection and Indemnity** (**P&I**) insurance product under the **Bharat Maritime Insurance Pool** (**BMIP**). The first policy was issued to the **Shipping Corporation of India**. ### What does the new insurance cover? - **P&I** insurance protects shipowners against third-party liabilities such as crew and cargo claims, pollution damage and wreck-removal costs. - The product, designed by **New India Assurance**, offers cover of up to **USD 1.5 billion**. - The wider aim is to build domestic marine-insurance capacity and reduce dependence on overseas insurers for large shipping risks. ### Exam Connect - **BMIP** → sovereign-backed maritime insurance pool - **Department of Financial Services** → **Ministry of Finance** - **New India Assurance** → provider of the **P&I** product