Bharat Maritime Insurance Pool (BMI Pool) Context: The Union Cabinet has approved the establishment of the Bharat Maritime Insurance Pool with a sovereign guarantee of ₹12,980 crore. It is a government-backed domestic insurance mechanism to ensure uninterrupted coverage for shipping vessels. Covers Indian-flagged ships, Indian-controlled vessels, and ships bound for Indian ports. Acts as a financial safeguard to maintain trade continuity even if global insurers withdraw due to sanctions or geopolitical conflicts. Governance and Structure A newly constituted governing body will manage implementation and operations. Domestic insurance companies will function as pool members. Combined underwriting capacity of around ₹950 crore will support policy issuance. Objectives Reduce dependence on the international Protection and Indemnity (IGP&I) Club system. Provide affordable insurance for vessels in high-risk or sensitive maritime routes. Prevent sudden increases in freight and trade costs. Strengthen India’s control over maritime risk management. Coverage Scope Hull and Machinery (ship structure and equipment damage). Cargo insurance for transported goods. Protection and Indemnity (third-party liabilities such as pollution, crew injury, wreck removal). War risk coverage for conflict-affected maritime zones. Key Features Backed by a ₹12,980 crore sovereign guarantee ensuring financial stability and claim settlement capacity. Applicable to Indian vessels, India-bound foreign ships, and vessels operating from Indian ports. Insurance policies will be issued domestically for India-specific requirements. Expected to develop national expertise in marine insurance, claims management, and maritime law. RELIEF Context: Rising geopolitical tensions in West Asia and its continuing impact on maritime logistics across the Gulf and adjoining regions, the Government has expanded the list of eligible destinations under RELIEF – Resilience & Logistics Intervention for Export Facilitation, a time-bound intervention under the Export Promotion Mission (EPM). About RELIEF RELIEF (Resilience & Logistics Intervention for Export Facilitation) was launched on 19 March 2026 under the Export Promotion Mission (EPM). The scheme…
