DFS has launched a new Protection and Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP), expanding the range of marine insurance solutions available to India’s shipping industry. The initiative is aimed at strengthening domestic maritime insurance capabilities and reducing dependence on overseas insurers for specialized liability coverage.
The new P&I policy provides protection against a wide range of third-party liabilities faced by shipowners and operators, including crew-related claims, cargo damage, pollution incidents, collision liabilities, and legal expenses. By offering comprehensive liability coverage through the BMIP framework, DFS seeks to improve risk management for Indian shipping companies while supporting the country’s growing maritime sector.
The launch aligns with the Government of India’s broader efforts to develop a self-reliant maritime insurance ecosystem. BMIP was established to enhance the availability of marine insurance within the country, retain premium income domestically, and provide competitive coverage for vessels operating in both domestic and international waters.
Industry stakeholders believe the introduction of the new P&I product will strengthen confidence among shipowners, improve access to specialized insurance solutions, and support India’s ambitions to become a leading global maritime hub. The move is also expected to complement ongoing initiatives aimed at expanding the country’s shipping fleet, port infrastructure, and maritime services sector.