India’s BMIP is Revolutionizing Maritime Insurance

India has launched the BMIP, a government-backed P&I insurance scheme, with its first policies issued in July 2026. Initially covering the Shipping Corporation of India, this scheme addresses critical insurance needs for Indian shipowners, mitigating reliance on international clubs and enhancing coverage against liabilities like crew injuries and pollution incidents.

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India Rolls Out Maritime P&I Insurance with BMIP Initiative

On July 30, 2026, India launched its first sovereign-backed Protection and Indemnity (P&I) insurance through the Bharat Maritime Insurance Pool, presented by Financial Services Secretary Sanjay Lohia. This comprehensive product covers third-party liabilities, enhancing maritime risk management and promoting self-reliance in specialized insurance solutions for the shipping industry.

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