Cabinet Clears Rs 12,980 Cr Bharat Maritime Insurance Pool: What Is It And How Will It Protect Ships Amid Hormuz Tensions?

The Union Cabinet approved the Bharat Maritime Insurance Pool BMIP with a Rs 12980 crore sovereign guarantee This domestic pool aims to provide continuous maritime insurance coverage for Indian-flagged vessels those under Indian control or calling at Indian ports It will safeguard Indian trade especially crude oil tankers ensuring affordable and reliable insurance against maritime risks particularly in volatile routes