India now has two government-backed insurance lifelines protecting its seafood trade from the sea to the shipping lane. The first is a ₹12,980 crore domestic maritime insurance pool approved by the Union Cabinet — a sovereign-backed safety net for ships and cargo. The second is the RELIEF export-cover scheme, extended to 31 March 2027, which gives seafood exporters shipping to West Asia 95% risk coverage through ECGC. One protects the vessel and the cargo; the other protects the exporter’s payment. Together, they matter to every shrimp farmer and seafood exporter in India — but fishing-boat owners should read the fine print, because neither one insures their boat yet.
At a Glance: Two Lifelines, Two Different Jobs
| Item | Bharat Maritime Insurance Pool (BMI Pool) | RELIEF Component II |
|---|---|---|
| What it is | Domestic marine insurance pool with a sovereign guarantee | Export-credit insurance support under the Export Promotion Mission |
| Backing | ₹12,980 crore sovereign guarantee | 95% risk coverage via ECGC Ltd. |
| Approved / extended | Union Cabinet, Saturday 18 April 2026 | Extended to Wednesday 31 March 2027; announced Monday 26 October 2026 |
| What it covers | Hull and machinery, cargo, protection and indemnity (P&I), war risk | ECGC export-credit cover for shipments to specified West Asia destinations |
| Who benefits | Indian-flagged or Indian-controlled vessels, and vessels carrying cargo to or from India | Indian exporters with ECGC standalone or whole-turnover policies taken on or after 16 March 2026 |
| Duration | 10 years, extendable by 5 years | Until 31 March 2027 (Notification No. 37/2026-27, dated 30 September 2026) |
The ₹12,980 Crore Pool: India’s Own Marine Insurer
On Saturday 18 April 2026, the Union Cabinet chaired by Prime Minister Narendra Modi approved the creation of the Bharat Maritime Insurance Pool (BMI Pool), a domestic insurance pool backed by a sovereign guarantee of ₹12,980 crore. The Press Information Bureau release is unambiguous about the purpose: the pool exists so that Indian trade keeps access to continuous and affordable maritime insurance even when global shipping lanes turn volatile.
The trigger was the West Asia conflict. Shipping insurance premiums on routes through the region had spiked by nearly 1,000%, according to reporting of the Cabinet decision, leaving Indian exporters exposed to costs they could neither predict nor absorb. Most of India’s cargo moves on foreign-flagged vessels insured abroad — largely through the London-based International Group of P&I Clubs — so when war-risk premiums surged, Indian trade had no domestic fallback. The BMI Pool is that fallback.
Here is what the pool covers, and how it is structured:
| Cover | What it means in plain language |
|---|---|
| Hull and machinery | Damage to the vessel itself — the ship, its engines and equipment |
| Cargo | Loss or damage to the goods on board, including refrigerated seafood containers |
| Protection and indemnity (P&I) | Third-party liabilities — oil pollution, wreck removal, cargo damage and crew injury |
| War risk | Losses from war, strikes and related perils on volatile routes |
Policies will be issued by insurers who are members of the pool, using a combined underwriting capacity of around ₹950 crore, and a Governing Body will oversee the pool’s formation and functioning. The cover applies to Indian-flagged or Indian-controlled vessels, and to any vessel carrying cargo from an international origin to Indian ports — and vice versa — even when transiting volatile maritime corridors.
What It Means for Seafood Exporters
The stakes for fisheries are large. In 2024-25, India exported 16,98,170 tonnes of seafood worth ₹62,408.45 crore (US$7.45 billion), according to the Marine Products Export Development Authority (MPEDA). Frozen shrimp alone earned ₹43,334.25 crore (US$5.17 billion) — 69.46% of all the dollars India earned from seafood — with the USA and China the top importers. Almost every kilo of that shrimp travels in a refrigerated container on a ship that needs exactly the cover the BMI Pool now provides: cargo insurance for the reefer box, and hull and war-risk cover for the vessel carrying it.
That is why the pool matters beyond the shipping industry. When war-risk premiums spike by nearly 1,000%, the cost lands on the exporter — and eventually on the farmer whose shrimp is in the container. A domestic pool with a sovereign guarantee is designed to break that chain: Indian cargo keeps moving at insurable rates even when foreign insurers pull back from a corridor. The global marine insurance market is itself booming — the International Union of Marine Insurance put the 2026 market at $42.6 billion, with hull cover growing fastest at 9.4% — and India is now building its own capacity inside that market rather than renting it from London. Read our earlier report on what that $42.6 billion boom means for fishers: “$42.6B Marine Insurance Boom — What It Means for Fishers”.
RELIEF Extended to 31 March 2027: 95% Cover for West Asia Shipments
The second lifeline is more immediate — and it has a deadline exporters must not miss. On Monday 26 October 2026, the Department of Commerce announced that the timelines under Component II of RELIEF (Resilience & Logistics Intervention for Export Facilitation) have been extended until Wednesday 31 March 2027. The extension was notified through Notification No. 37/2026-27, dated Wednesday 30 September 2026.
RELIEF is a time-bound intervention under the Export Promotion Mission, launched on Thursday 19 March 2026 to deal with extraordinary freight escalation, higher insurance premiums and war-related export risks from the West Asia disruptions. Component II works like this: it encourages exporters to take ECGC (Export Credit Guarantee Corporation of India) cover for upcoming shipments to specified regions by providing 95% risk coverage, with premiums protected against increases beyond pre-disruption levels for the eligible period.
| RELIEF Component II — the essentials | Detail |
|---|---|
| Benefit | 95% risk coverage on ECGC export-credit cover; premium capped at pre-disruption levels |
| Extended until | Wednesday 31 March 2027 |
| Eligible policies | ECGC Standalone Policies and Whole Turnover Policies obtained on or after Monday 16 March 2026 |
| Covered cargo | Full Container Load (FCL), Less than Container Load (LCL) and refrigerated (reefer) containers |
| Excluded | Energy shipments |
| Eligible destinations | 10 countries, including the UAE, Saudi Arabia, Kuwait, Qatar, Oman and Iran |
| Implementing agency | ECGC Ltd., wholly owned by the Government of India |
| Claims and documents | Through the ECGC customer portal at www.ecgcltd.in |
Two cautions. First, the extension covers Component II only — it does not automatically extend every part of RELIEF. Second, the 95% figure applies to the specified risks under Component II; it is not a blanket promise that every export loss will be paid in full. Exporters should read their ECGC policy wording, not the headline.
How Seafood Exporters Should Use Both Schemes
The two schemes do different jobs, and an exporter shipping shrimp to the Gulf can — in principle — benefit from both: the BMI Pool keeps the ship and its reefer cargo insurable, while RELIEF’s ECGC cover protects the exporter if the buyer cannot pay because of war-related disruption. Here is the practical sequence:
- Check your ECGC policy date. RELIEF Component II covers standalone and whole-turnover policies obtained on or after 16 March 2026. If your policy predates that, it does not qualify.
- Confirm the destination is on the list. The 10 eligible destinations include the UAE, Saudi Arabia, Kuwait, Qatar, Oman and Iran. Shipments elsewhere do not get the enhanced cover.
- Confirm the cargo type. FCL, LCL and reefer containers are covered; energy shipments are excluded. Frozen shrimp in reefer containers is squarely inside the eligible set.
- File claims and documents through the ECGC portal. All RELIEF claims and supporting documents go through www.ecgcltd.in — keep the policy, invoice, shipping bill and buyer correspondence together.
- Ask your marine insurer about BMI Pool policies. The pool’s policies are issued by member insurers; if you ship CIF or CIP, where the seller must insure, ask whether your cover is now written through the pool — and at what premium.
- Do not wait until March. The RELIEF window ends on 31 March 2027. Policies and shipments after that date fall outside the extended timeline unless the government extends it again — which has not been announced.
The Honest Gap: Your Fishing Boat Is Still Not Covered by Either Scheme
Here is the part that matters most to boat owners — and the part that must not be oversold. Neither the BMI Pool nor RELIEF insures a fishing boat. The pool insures ships and cargo in international trade; RELIEF insures an exporter’s credit risk. A mechanised boat fishing off the Indian coast is not a cargo vessel, and no published BMI Pool term mentions fishing craft.
The scheme actually designed for fishing boats — fishing-vessel insurance under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) — is still not open. It has been designed and priced: cover for hull, machinery, accessories including fishing nets, collision liability, and total and partial loss from natural calamities and accidents, at a premium of 2% of the sum insured plus GST, with the government paying up to 40% of the premium for general-category owners and up to 60% for SC, ST and women beneficiaries. But as of our last check on 25 October 2026, no enrolment window had been announced. That is why Andhra Pradesh’s boat owners are still demanding a vessel-insurance facility after Cyclone Arnab — read our report here: “After Arnab, AP Fishers Demand Boat Insurance Now”.
What boat owners do have today:
- Group Accident Insurance Scheme (GAIS) under PMMSY — the person, not the boat: ₹5 lakh for accidental death or permanent total disability, ₹2.5 lakh for permanent partial disability, and up to ₹25,000 for accidental hospitalisation. The entire premium is paid by the Centre and the states; the fisher pays nothing. See who actually got paid, state by state, in our report: “₹5 Lakh Fisher Insurance: Who Actually Got Paid?”
- Kerala’s marine fishing-implements insurance — the state sanctioned cover for around 23,465 traditional fishing crafts on 22 August 2026, with the government paying 90% of the premium and the beneficiary 10%. Details here: “Kerala to Insure 23,465 Boats — You Pay Just 10%”
- PM-MKSSY aquaculture insurance — for fish and shrimp farmers, a one-time incentive of up to 40% of the premium for one crop cycle, through the National Fisheries Digital Platform: “PM-MKSSY Aqua Insurance: 40% Premium Incentive Explained”
Until the PMMSY vessel scheme opens, the practical checklist for a boat owner is unchanged: register the vessel under ReALCRAFT, confirm every crew member is enrolled under GAIS, and pay nobody who promises enrolment in a vessel scheme that has not opened — enrolment will be announced through the State Fisheries Department, not through agents.
Frequently Asked Questions
Does the ₹12,980 crore Bharat Maritime Insurance Pool cover my fishing boat?
Not as published. The pool covers Indian-flagged or Indian-controlled vessels and vessels carrying cargo to or from India — hull, cargo, P&I and war risk. No published term singles out fishing craft. The vessel scheme designed for fishing boats is the PMMSY 2% premium scheme, which has no enrolment window yet.
I export frozen shrimp to Dubai. Does RELIEF help me?
Yes, if you hold an ECGC standalone or whole-turnover policy obtained on or after 16 March 2026. The UAE is among the 10 eligible destinations, and reefer containers are covered cargo. The enhanced 95% risk coverage runs until 31 March 2027.
Is the 95% cover automatic on every shipment?
No. It applies to eligible ECGC policies for upcoming shipments to specified regions, for the specified risks, within the extended timeline. Read the policy wording and file through the ECGC portal at www.ecgcltd.in.
What is the difference between the BMI Pool and RELIEF?
The BMI Pool is marine insurance — it insures the ship and the cargo against physical and war risks. RELIEF Component II is export-credit insurance — it protects the exporter against non-payment and specified political risks through ECGC. They cover different losses on the same trade.
Will RELIEF be extended beyond 31 March 2027?
No further extension has been announced. The Department of Commerce extended Component II by Notification No. 37/2026-27 dated 30 September 2026, and the current end date is 31 March 2027.
Sources
- Press Information Bureau, “Cabinet approves proposal for creation of ‘Bharat Maritime Insurance Pool’ (BMI pool) with a sovereign guarantee of Rs 12,980 crore”, 18 April 2026 — pib.gov.in
- Press Information Bureau, Ministry of Commerce & Industry, “RELIEF Component II Offers 95% Risk Coverage to Encourage ECGC Cover for Export Shipments”, 26 October 2026 — pib.gov.in
- Press Information Bureau / MPEDA, “India’s seafood exports USD 7.45 billion in FY 2024-25”, 23 August 2025 — pib.gov.in
- Press Information Bureau release of 18 March 2025, “Insurance to Deep-Sea Fishermen” (PMMSY vessel-insurance premium and GAIS cover), as republished — technologyforyou.org
- ECGC Ltd. customer portal — www.ecgcltd.in
Figures verified against official sources on 15 November 2026. The BMI Pool was approved on 18 April 2026 and RELIEF Component II runs to 31 March 2027; the PMMSY fishing-vessel insurance scheme had no enrolment window announced as of 25 October 2026. Images in this article are illustrations.