Against that backdrop, the Indian government approved the formation of ‘Bharat Maritime Insurance Pool’ (BMI pool) for Indian flagged or controlled vessels or vessels destined to or starting from India, backed by a sovereign guarantee. The pool would cover all maritime risks like hull and machinery, cargo, P&I, and war risk. The policies will be issued by insurers that are pool members, using the combined underwriting capacity of the pool, which would be around Rs. 950 crore.