Bharat Maritime Insurance Pool tested by Black Sea drone attack
India's Bharat Maritime Insurance Pool (BMI Pool) just handled its first big test, a ship damaged by a drone attack in the Black Sea.
Surveyors are checking out the damage now, and the payout should fit within BMI Pool's $100 million coverage limit.
This marks a major moment for Indian shipping, showing homegrown insurance can step up when things get risky.
Pool covers ships cargo war risks
The BMI Pool was set up to help Indian shipowners rely less on foreign insurers, offering coverage for ships, cargo, and war risks.
Local insurers like GIC Re and New India Assurance handle claims up to $100 million, while bigger disasters are backed by a government guarantee of ₹12,980 crore.
The pool's flexible approach means even large-scale incidents can be covered without hitting an overall cap, giving Indian shipping companies more security in dangerous waters.