India steps into ships insurance business: Cabinet approves 'Bharat Maritime Insurance Pool'
India to step into ships insurance business as Cabinet approved ‘Bharat Maritime Insurance Pool’ for commercial ship, learning from Middle East Crisis caused by US-Israel-Iran war. Union Minister Ashwini Vaishnaw explained the scheme in a press briefing after the Cabinet Meeting.
He said, “A major decision was taken: The Bharat Maritime Insurance Pool. Any ship that goes into the ocean has insurance. Insurance is available for many types of activities. There's basic insurance for damage. Another is for protection and indemnity... A sovereign guarantee fund of approximately Rs 12,980 crore will be created for maritime insurance. It will cover all types of maritime risks, including machinery, cargo, and war. It will be given to Indian-flagged vessels, Indian-controlled vessels, and those with either an origin or destination in India. This will be for a ten-year period, with a five-year extension.”
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