Government introduces two specialized credit risk insurance products to support India?s shipbuilding industry

Chaired by Union Minister for Ports, Shipping & Waterways, Sarbananda Sonowal yesterday introduced two specialized credit risk insurance products to support India?s shipbuilding industry under the National Shipbuilding Mission. Developed under the Shipbuilding Development Scheme (SbDS), these first-of-their-kind insurance policies aim to reduce financial stress in large-scale ship manufacturing. The Shipbuilding Project Credit Risk Insurance Policy (SbPCP), developed by ECGC Ltd., will cover export projects, while the Business Credit Shield Policy?Shipbuilders (BCSPS), developed by The New India Assurance Co. Ltd. (NIACL), will protect domestic projects. The Government of India will subsidise insurance premiums and provide direct support to insurers in case shipyards file claims. Sonowal noted that building a ship is a massive, multi-year journey, a single missed milestone payment could stall an entire shipyard?s operations.

Powered by Capital Market - Live News