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The Bharat Maritime Insurance Pool (BMIP) has been launched with a $1.4-billion sovereign guarantee to offer hull and cargo insurance, Protection and Indemnity (P&I) cover and war-risk protection. But the Indian National Shipowners\u2019 Association (INSA) says domestic shipping companies should not be forced to buy P&I insurance from an Indian entity, warning that such a mandate could have serious consequences.<\/p>
\u201cIt will be disastrous for Indian shipowners. The BMIP will probably be available for inland water transport or coastal, whereas the larger ships will then be left without a P&I cover and people will stop taking out ships,\u201d said INSA CEO Anil Devli.<\/p>
MUST READ |\u00a0BT Explainer: How Bharat Maritime Insurance could protect Indian seafarers in conflict<\/strong><\/p> Devli also flagged the cost of BMIP cover. \u201cOne of our members sought a quote for BMIP cover. We were told that it is 27% lower than the market. I want to tell you that the quote we have got is 70% more than what we got in London,\u201d Devli said.<\/p> Marine law experts say BMIP should complement, not replace, the international group of P&I clubs, which provide marine liability cover to 87% of the world\u2019s ocean-going tonnage. Earlier attempts to build indigenous marine insurance structures have failed to take off.<\/p> DON’T MISS |\u00a0Maritime routes must be safe: PM Modi at G7 on loss of lives of Indian seafarers<\/strong><\/p> Those efforts \u201cfoundered for reasons that were, in retrospect, structurally predictable: inadequate capitalisation, insufficient technical expertise and an institutional framework that proved unable to resist the pressures that inevitably bear down on state-backed financial entities,\u201d said Gautam Bhatikar of Phoenix Legal.<\/p> Bhatikar said BMIP meaningfully addresses the capitalisation challenge through the sovereign guarantee. But deeper vulnerabilities remain, especially around underwriting discipline.<\/p> BMIP is seen as strategically important for India\u2019s maritime sector, given the country\u2019s heavy dependence on sea trade for energy security, commodity imports and global commerce.<\/p> <\/div> Bharat Maritime Insurance Pool, BMIP, BMIP cover, maritime insurance, india's maritime insurance#shipowners #resisting #Bharat #Maritime #Insurance #plan1783408494<\/p> ","protected":false},"excerpt":{"rendered":" The Bharat Maritime Insurance Pool (BMIP) has been launched with a $1.4-billion sovereign guarantee to offer hull and cargo insurance, Protection and Indemnity (P&I) cover and war-risk protection. But the Indian National Shipowners\u2019 Association (INSA) says domestic shipping companies should not be forced to buy P&I insurance from an Indian entity, warning that such a […]<\/p>\n","protected":false},"author":1,"featured_media":11145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[593,25096,44486,44487,44488,11964,10109,15994,1386,44490,44489],"class_list":["post-11144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-content-marketing","tag-bharat","tag-bharat-maritime-insurance-pool","tag-bmip","tag-bmip-cover","tag-indias-maritime-insurance","tag-insurance","tag-maritime","tag-maritime-insurance","tag-plan","tag-resisting","tag-shipowners"],"acf":[],"_links":{"self":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts\/11144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11144"}],"version-history":[{"count":0,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts\/11144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/media\/11145"}],"wp:attachment":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11144"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}