India launches new ship insurance product
The Indian Finance Ministry launched a new ship insurance product to help the country's maritime sector. The Shipping Corporation of India received the very first policy document.
What is the new insurance product
The Ministry of Finance has introduced a new ship insurance option called Protection and Indemnity insurance. This was created under the Bharat Maritime Insurance Pool. It helps ship owners protect their vessels against different types of financial risks and damages while out at sea.
Who got the first policy
During the launch event, Financial Services Secretary Sanjay Lohia handed over the first official insurance document to the Shipping Corporation of India. This step helps Indian shipping companies rely less on foreign insurance providers and keeps money within the country.
- The Ministry of Finance launched a new ship insurance product.
- It is part of the Bharat Maritime Insurance Pool.
- The Shipping Corporation of India received the first policy.
Why this matters for India
Insurance for large ships is very important for international trade and transport. By offering this service locally, India can support its own shipping businesses better. It makes the country stronger in the global maritime trade market.