DFS Introduces Sovereign-Backed Maritime Protection & Indemnity Insurance Under BMIP
The New India Assurance Company Limited (NIACL) issued the debut policy under this scheme, which was formally presented to the Shipping Corporation of India Limited (SCI) in New Delhi.
Operational since May 12, 2026, the BMIP facility offers a total coverage limit of USD 1.5 Billion (approximately ₹12,980 Crore) backed by a sovereign guarantee.
This mechanism shields national commercial shipping lines from critical maritime risks, including war liabilities, environmental wreckage, crew hazards, and pollution emergencies.
Exam Perspective: Understanding sovereign-backed insurance pools is key for banking and insurance exams, as it enhances India's strategic maritime self-reliance and reduces reliance on foreign P&I clubs.
Key Facts / Static GK
Shipping Corporation of India (SCI) was founded in 1961, holds Navratna status; Headquarters: Mumbai; CMD: Capt. Binesh Kumar Tyagi.
Q Practice Quiz — 4 August 2026
1. Who among the following was recently appointed as Executive Director of the Reserve Bank of India to oversee financial markets regulation and foreign exchange departments?
Explanation: Monisha Chakraborty was appointed as the Executive Director (ED) of the Reserve Bank of India (RBI), where she will supervise foreign exchange and financial markets regulation.
2. Who has been appointed as India's next Ambassador to Iran?
Explanation: Diplomat Vishwesh Negi, who was serving as a Joint Secretary in the Ministry of External Affairs, has been designated as India's next Ambassador to Iran.
3. Which lake was recently declared as Arunachal Pradesh's first Ramsar site, making it the 101st Ramsar site in India?
Explanation: Glaw Lake in Arunachal Pradesh, situated within Kamlang Tiger Reserve and Wildlife Sanctuary, was declared a Wetland of International Importance, taking India's Ramsar site total to 101.
4. Which bank recently introduced 'Specialé Senior Citizen Savings Account' and 'SavingsMax Account for Women'?
Explanation: HDFC Bank introduced two targeted savings products—Specialé Senior Citizen Savings Account and SavingsMax Account for Women—to cater to specific customer demographics.
5. What is the name of the new insurance digital platform launched by Karnataka Bank in collaboration with SprintMoney?
Explanation: Karnataka Bank launched 'KBL Finsurance', a platform built by fintech SprintMoney, to integrate and automate insurance offerings across all branch locations.
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