BMIP Debuts P&I Cover with SCI Tug and Two Barges
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.
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