India: Shipping ministry unveils 2 specialised credit risk insurance products

The Shipping Ministry of India has introduced two specialized insurance products aimed at supporting the country's shipbuilding industry under the National Shipbuilding Mission. The first, Shipbuilding Project Credit Risk Insurance Policy (SbPCP), developed by ECGC Ltd, covers export projects, while the second, Business Credit Shield Policy Shipbuilders (BCSPS), developed by The New India Assurance Co Ltd, protects domestic projects.

These policies, part of the Shipbuilding Development Scheme (SbDS), are designed to alleviate financial stress during large-scale ship manufacturing. Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal unveiled these policies during the 21st Maritime State Development Council (MSDC), emphasizing the government's commitment to reducing financial risks associated with shipbuilding. The central government will subsidize insurance premiums and assist insurers in handling claims.

Brief written by urgent.news from Hellenic Shipping News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.