Setting sail: India plans own maritime insurance

P&I for local shipping first; coverage for global waters likely later 

- Subhash Narayan

India plans to set up its own protection and indemnity (P&l) entity called India Club for providing third-party maritime insurance to Indian ships operating in the country's coastal regions and inland waterways, a top government official said. Coverage for shipping in international waters may come at a later point.

Such an entity would provide insurance cover for unforeseen situations such as damage caused to cargo during carriage, damages from war, and from environmental risks. Regular marine insurance covers only the hull and machinery of ships.

"Considering the large-sized coverage required for ships moving on international routes, we are looking to have this P&I cater to coastal shipping and inland waterways as a start," T.K. Ramachandran, secretary in the Union ministry of ports, shipping and waterways, said.