Bharat Maritime Insurance Pool

The Department of Financial Services launched India's first sovereign-backed Protection & Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP).

The product provides third-party liability coverage of up to USD 1.5 billion.

BMIP became operational on 12 May 2026, backed by a sovereign guarantee of ₹12,980 crore.

P&I Insurance Covers

• Crew liability
• Cargo liability
• Pollution liability
• Wreck removal
• Maritime risks
• Worldwide assistance

Key Fact

P&I = Protection & Indemnity