BMIP is India’s sovereign shield against maritime risks: GIC Re’s Joshi

The Bharat Marine Insurance Pool, managed by GIC Re, will provide war risk covers for hulls, machinery and cargo as well as all P&I (protection and indemnity) liabilities. Hull and machinery and P&I coverage will primarily apply to Indian-flagged or Indian-controlled ships, while cargo coverage will cover shipments coming from or destined for India. All policies within the scope of BMIP will be issued by insurance companies that are members of the pool. GIC Re was appointed as the pool manager, responsible for risk aggregation, pricing, claims management and general operations, working closely with the underwriting committee.