Indian ministries are collaborating to establish a sovereign-backed insurance plan designed to provide coverage for ships operating in war zones. This initiative aims to bolster the security of international trade routes.
The plan includes the formation of a $100 million Bharat Marine Pool by insurers, which will serve as the primary layer of insurance protection. Additionally, the initiative will be supported by a government guarantee to provide further security.
This effort is intended to safeguard international trade flows that pass through sensitive shipping routes, ensuring continued commerce despite potential risks.
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