About Bharat Maritime Insurance Pool:
- It is a new domestic maritime insurance scheme designed to safeguard the country's shipping and trade interests during periods of global instability.
- It is a Centre-backed mechanism designed to ensure uninterrupted and affordable maritime insurance coverage.
- Coverage: The BMI Pool will provide insurance support to Indian-flagged vessels, Indian-controlled ships, and vessels carrying cargo to or from India, including those passing through volatile maritime routes.
- It will cover a wide range of risks, including hull and machinery, cargo, protection and indemnity, and war risk insurance.
- The BMI Pool will initially run for 10 years, with the possibility of a five-year extension.
- Significance: It is expected to strengthen India’s self-reliance in marine insurance, build domestic expertise in underwriting and claims management, and ensure continuity of coverage in case of global disruptions or sanctions.
