Bharat Maritime Insurance Pool (BMIP), launched in 2026, is best described as:

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The correct answer is Option B: A domestic maritime insurance pool for international vessels. Bharat Maritime Insurance Pool (BMIP) was launched in New Delhi on 12 May 2026 with a total capacity of USD 1.5 billion and a sovereign guarantee of USD 1.4 billion. It is a domestic maritime insurance arrangement designed to provide cover for Indian vessels operating on international sea routes. BMIP includes coverage for Hull and Machinery, Cargo, Protection and Indemnity (P&I), and War Risk insurance. The pool was approved by the Union Cabinet in April 2026 amid rising premiums and geopolitical uncertainty in maritime insurance markets. General Insurance Corporation of India (GIC Re) administers BMIP, with member insurers pooling underwriting capacity to issue policies. BMIP can independently handle claims up to USD 100 million, beyond which sovereign guarantee acts as a backstop. Hull and Machinery insurance covers ship structure and machinery damage, while Cargo insurance covers goods in transit by sea.

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A scheme for inland water transport insurance only

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Bharat Maritime Insurance Pool (BMIP), launched in 2026, is best described as:

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Bharat Maritime Insurance Pool (BMIP), launched in 2026, is best described as:

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