India has introduced two government-backed insurance products addressing payment risk in shipbuilding contracts, Splash247 reports.

ECGC’s Shipbuilding Project Credit Risk Insurance Policy covers contracts for overseas customers. New India Assurance’s Business Credit Shield Policy–Shipbuilders targets domestic projects.

The report says the government will subsidise premiums and support insurers against eligible claims. It identifies INR14.43 billion for credit-risk coverage within the existing shipbuilding development programme.

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Source: Splash247 · original report