The pool ensures that Indian trade continues to have access to affordable insurance for vessels carrying cargo from any international origin to Indian ports and vice-versa, even when transiting volatile maritime corridors. The pool would cover all maritime risks like hull and machinery, cargo protection and indemnity (P&I) and war risk. The policies will be issued by insurers that are pool members, using the combined underwriting capacity of the pool, which would be around Rs.950 crore. The pool will help to manage liability insurance locally, tailored to Indian shipping conditions and regulatory requirements, develop specialized marine underwriting, claims management and legal expertise within India. One has to see how this pool plays out in an industry dominated by global players.
