Bharat Maritime Insurance Pool
Government-backed marine insurance for secure and resilient maritime trade.
The Bharat Maritime Insurance Pool (BMIP) is a government-backed marine insurance initiative introduced to strengthen India’s maritime insurance capacity. It enables Indian insurers to jointly underwrite large maritime risks, ensuring businesses involved in shipping, logistics, exports, and imports have reliable insurance protection even during geopolitical uncertainties. BMIP reduces dependence on overseas insurance markets while supporting the long-term growth of India’s maritime sector.
Key Benefits
- Government-backed marine insurance support
- USD 1.5 Billion domestic underwriting capacity
- Reduced dependence on foreign insurers
- Better continuity during geopolitical risks
- Faster claim assistance through Indian insurers
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What is Bharat Maritime Insurance Pool Insurance?
The Bharat Maritime Insurance Pool (BMIP) is a collaborative risk-sharing platform where Indian insurance companies combine their underwriting capacity to insure large maritime risks connected with India. Instead of relying on overseas reinsurers, member insurers share the financial responsibility, making it possible to provide comprehensive protection for vessels, cargo, war risks, and third-party liabilities while strengthening India’s self-reliance in marine insurance.
Why do you need Bharat Maritime Insurance Pool Insurance?
Reduced Foreign Dependence
Minimises reliance on international insurers by building strong domestic underwriting capabilities.
Essential for Export-Import Trade
Provides critical protection for businesses involved in overseas shipping, ensuring smooth operations.
Business Continuity
Keeps vessels and cargo insured during geopolitical tensions, sanctions, and other high-risk situations.
Supports Maritime Growth
Strengthens India's shipping ecosystem by supporting exporters, importers, logistics providers, and shipowners.
Why choose Insurance Manager to protect your business?
Marine Insurance Expertise
Our specialists understand complex maritime insurance requirements and help businesses choose suitable protection.
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Tailored Insurance Guidance
We assess your shipping operations and recommend insurance solutions based on your specific trade requirements.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Trusted Insurance Partners
We work with reputed insurers to provide dependable marine insurance solutions and professional claim support.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
Dedicated Customer Support
From policy selection to claim assistance, our team provides continuous support throughout your insurance journey.
What does Bharat Maritime Insurance Pool Insurance cover and exclude?
Plan Coverage
Hull & Machinery Insurance
Covers physical damage to vessels, onboard equipment, and machinery resulting from covered marine risks.
War Risk Protection
Provides financial protection against losses arising from war-related incidents and hostile activities.
Protection & Indemnity (P&I)
Covers third-party liabilities including pollution, collision liability, crew injury, and cargo-related legal responsibilities.
Marine Cargo Insurance
Protects goods transported by sea against accidental loss or damage during transit.
Port & Offshore Operations
Supports insurance needs for ports, terminals, offshore facilities, and related maritime infrastructure.
Large Maritime Risks
Provides capacity for insuring high-value shipping operations that exceed individual insurer limits.
Domestic Underwriting Support
Offers coverage through Indian insurers with shared underwriting capacity.
Trade Continuity Protection
Helps maintain uninterrupted insurance coverage for Indian maritime trade during uncertain market conditions.
Major Exclusions
Intentional Damage
Losses caused deliberately, intentionally, or through fraudulent activities are not covered.
Routine Wear & Tear
Normal deterioration, corrosion, ageing, or gradual mechanical failure is excluded.
Improper Maintenance
Damage resulting from poor maintenance or negligence may not qualify for coverage.
Policy Violations
Claims arising from breach of policy terms, illegal operations, or regulatory non-compliance are excluded.
Undeclared Risks
Risks or voyages not disclosed during policy issuance may not receive coverage.
Unapproved Operations
Activities conducted outside approved routes or policy conditions may be excluded.
Inadequate Documentation
Incomplete or incorrect documentation can delay or invalidate claims.
Non-Insured Financial Losses
Indirect business losses or liabilities not specifically covered by the policy remain excluded.
Your Journey to Insurance Manager
When can I Claim?
A claim under Bharat Maritime Insurance Pool (BMIP) Insurance can be registered in the below circumstances:
- Physical loss or damage to insured vessels caused by covered marine risks.
- Loss or damage to insured cargo during marine transportation.
- Covered third-party liabilities including pollution, collision, or crew-related claims.
- Approved war-risk incidents and other insured maritime events covered under the BMIP policy.
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