What kind of risks will BMIP cover?
The fund provides comprehensive cover including hull and machinery, cargo, protection and indemnity (P&I) and war risk insurance. It applies to Indian-flagged vessels, Indian-controlled vessels and vessels bound for or originating from Indian ports. P&I cover is particularly important as it addresses third party liabilities such as oil pollution, wreck removal, cargo damage, crew injury, repatriation and collision. The initiative will help build a domestic P&I ecosystem and reduce dependence on the International Group (IG) of P&I clubs.
