India is planning to establish its own protection and indemnity (P&I) entity named India Club to provide third-party maritime insurance for Indian ships operating in coastal regions and inland waterways.
The entity aims to offer insurance cover for unforeseen situations such as cargo damage, war damages, and environmental risks. The initial focus will be on coastal shipping and inland waterways, with the possibility of expanding coverage for shipping in international waters at a later stage.
The India Club will operate as a cooperative, pooling fees from members to provide third-party insurance, as local news sources inform.
The initiative is expected to benefit domestic fleet owners and reduce dependence on foreign entities for insurance coverage. Public sector insurance companies like New India Assurance and GIC Re are being considered as partners for the initiative.
