The Bharat Maritime Insurance Pool (BMIP) has launched its Protection and Indemnity (P&I) insurance operations by providing cover for a tug and two barges operated by the Shipping Corporation of India (SCI). The development marks an important milestone in India’s efforts to strengthen domestic marine insurance capabilities and reduce reliance on overseas P&I providers.
The inaugural coverage demonstrates BMIP’s readiness to offer liability insurance solutions for Indian-owned vessels, supporting shipowners with protection against third-party liabilities, including crew claims, cargo damage, pollution incidents, and other maritime risks. The initiative aligns with the government’s vision of building a self-reliant maritime ecosystem under the Maritime India Vision framework.
Industry stakeholders expect the launch to encourage wider adoption of domestic marine insurance services, particularly among coastal shipping operators and Indian-flagged vessels. By expanding local insurance capacity, BMIP aims to improve risk management, retain insurance premiums within the country, and enhance the competitiveness of India’s maritime sector.
The successful onboarding of SCI’s tug and two barges is expected to pave the way for broader participation by shipowners, reinforcing BMIP’s role in supporting the growth and resilience of India’s shipping industry.