New Delhi - The Department of Financial Services (DFS) has launched India’s first sovereign-backed Protection and Indemnity insurance product under Bharat Maritime Insurance Pool (BMIP). Addressing the launch event in New Delhi today, DFS Secretary Sanjay Lohiya congratulated all stakeholders involved in the process of formulation of the insurance product for achieving this milestone for India’s maritime sector. He also handed over the first Protection and Indemnity policy document to Shipping Corporation of India Limited.
The Ministry of Finance said with the introduction of BMIP, the war risk premium rates have decreased approximately by . . .
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