{"id":368664,"date":"2026-07-31T16:06:55","date_gmt":"2026-07-31T10:36:55","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=368664"},"modified":"2026-07-31T16:06:55","modified_gmt":"2026-07-31T10:36:55","slug":"indias-first-protection-and-indemnity-pi-insurance-product","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/indias-first-protection-and-indemnity-pi-insurance-product\/","title":{"rendered":"India&#8217;s First Protection and Indemnity (P&#038;I) Insurance Product"},"content":{"rendered":"<div class=\"content-box-green\">\n<p><strong>News:<\/strong> The Department of Financial Services (DFS) has launched India\u2019s first sovereign-backed Protection and Indemnity insurance product under Bharat Maritime Insurance Pool (BMIP).<\/p>\n<\/div>\n<h2 class=\"red-h2-box\">About India&#8217;s First Protection and Indemnity (P&amp;I) Insurance Product<\/h2>\n<figure id=\"attachment_368669\" aria-describedby=\"caption-attachment-368669\" style=\"width: 443px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-368669\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/07\/Source-CNBC.jpg?resize=443%2C245&#038;ssl=1\" alt=\"India's First Protection and Indemnity (P&amp;I) Insurance Product\" width=\"443\" height=\"245\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/07\/Source-CNBC.jpg?resize=300%2C166&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/07\/Source-CNBC.jpg?w=586&amp;ssl=1 586w\" sizes=\"auto, (max-width: 443px) 100vw, 443px\" \/><figcaption id=\"caption-attachment-368669\" class=\"wp-caption-text\">Source &#8211; CNBC<\/figcaption><\/figure>\n<ul>\n<li><strong>India&#8217;s first<\/strong> <strong>sovereign-backed<\/strong> Protection &amp; Indemnity <strong>(P&amp;I)<\/strong> <strong>insurance product<\/strong> has been launched <strong>to provide domestic P&amp;I cover<\/strong> for <strong>Indian ships and vessels<\/strong> connected with Indian trade.<\/li>\n<li>It is launched under the <strong>Bharat Maritime Insurance Pool (BMIP).<\/strong><\/li>\n<li><strong>Launched by:<\/strong> Department of Financial Services (<strong>DFS), Ministry of Finance<\/strong><\/li>\n<li>It is designed by the <strong>New India Assurance Company Limited<\/strong>.<\/li>\n<li>It is <strong>third-party liability insurance<\/strong> for <strong>shipowners<\/strong>.\n<ul>\n<li>Unlike <strong>Hull &amp; Machinery Insurance<\/strong>, which covers <strong>damage to the ship<\/strong> itself, <strong>P&amp;I insurance covers the shipowner&#8217;s legal liabilities<\/strong> to third parties.<\/li>\n<\/ul>\n<\/li>\n<li>It covers <strong>liabilities such as &#8211;<\/strong>\n<ul>\n<li>Injury, illness or death of crew, passengers and others.<\/li>\n<li>Collision liabilities.<\/li>\n<li>Oil pollution and environmental damage.<\/li>\n<li>Wreck removal.<\/li>\n<li>Cargo-related liabilities.<\/li>\n<li>Legal expenses arising from maritime claims.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 class=\"red-h2-box\">About Bharat Maritime Insurance Pool (BMIP)<\/h2>\n<figure id=\"attachment_368668\" aria-describedby=\"caption-attachment-368668\" style=\"width: 441px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-368668\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/07\/Source-Ministry-of-Shipping.jpg?resize=441%2C278&#038;ssl=1\" alt=\"Bharat Maritime Insurance Pool (BMIP)\" width=\"441\" height=\"278\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/07\/Source-Ministry-of-Shipping.jpg?resize=300%2C189&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/07\/Source-Ministry-of-Shipping.jpg?resize=768%2C483&amp;ssl=1 768w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/07\/Source-Ministry-of-Shipping.jpg?w=780&amp;ssl=1 780w\" sizes=\"auto, (max-width: 441px) 100vw, 441px\" \/><figcaption id=\"caption-attachment-368668\" class=\"wp-caption-text\">Source &#8211; Ministry of Shipping<\/figcaption><\/figure>\n<ul>\n<li>The <strong>Bharat Maritime Insurance Pool (BMIP)<\/strong> is <strong>India&#8217;s first sovereign-backed <\/strong>domestic<strong> maritime insurance pool <\/strong>with a <strong>sovereign guarantee of Rs.12,980 crores.<\/strong><\/li>\n<li><strong>Nodal Ministry:<\/strong> It was launched by the Ministry of Ports, Shipping and Waterways (<strong>MoPSW<\/strong>).<\/li>\n<li><strong>Aim:<\/strong> It <strong>aims<\/strong> to <strong>strengthen India&#8217;s maritime insurance ecosystem<\/strong> and <strong>reduce dependence on foreign insurers<\/strong> and Protection &amp; Indemnity (P&amp;I) Clubs.<\/li>\n<li>It seeks to <strong>enhance the resilience<\/strong> of India&#8217;s shipping sector, particularly during geopolitical conflicts, sanctions, or disruptions in the global insurance market.<\/li>\n<li><strong>Features<\/strong>\n<ul>\n<li>The pool would <strong>cover all maritime risks<\/strong> like Hull and Machinery, Cargo, P&amp;I and War risk.<\/li>\n<li>The <strong>policies<\/strong> will be <strong>issued by insurers<\/strong> that are <strong>Pool members<\/strong>, using the <strong>combined underwriting capacity<\/strong> of the Pool, which would be <strong>around Rs.950 crore.<\/strong><\/li>\n<li>The Pool will <strong>help<\/strong> to <strong>manage liability insurance locally<\/strong>, tailored to Indian Shipping conditions and regulatory requirements, develop <strong>specialized Marine underwriting<\/strong>, claims management and legal expertise within India.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: The Department of Financial Services (DFS) has launched India\u2019s first sovereign-backed Protection and Indemnity insurance product under Bharat Maritime Insurance Pool (BMIP). About India&#8217;s First Protection and Indemnity (P&amp;I) Insurance Product India&#8217;s first sovereign-backed Protection &amp; Indemnity (P&amp;I) insurance product has been launched to provide domestic P&amp;I cover for Indian ships and vessels connected&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/indias-first-protection-and-indemnity-pi-insurance-product\/\">Continue reading <span class=\"screen-reader-text\">India&#8217;s First Protection and Indemnity (P&#038;I) Insurance Product<\/span><\/a><\/p>\n","protected":false},"author":10393,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,956,12039],"tags":[11872],"class_list":["post-368664","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-schemes-and-programs","category-knolls","tag-9pm-daily-factly","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/368664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10393"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=368664"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/368664\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=368664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=368664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=368664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}