BMP-MARINE-INSURANCE

Marine insurance anti-piracy practices.

Definition

BMP 5 (published 2018) is the current version, covering: Risk Assessment, Self-Protection Measures, Reporting and Communication, BIMCO Reporting Form, regional issues (Gulf of Aden, Indian Ocean, Gulf of Guinea, Sulu Sea). Insurance underwriters Lloyd of London, Munich Re evaluate compliance for premium pricing. Updates considered by MSC (Maritime Safety Committee) IMO. Reporting via UKMTO (United Kingdom Maritime Trade Operations).

Origin

BMP 1 published 2009 by BIMCO and ICS for Gulf of Aden ; BMP 4 published 2011 ; BMP 5 published 2018 by Witherbys.

Example in context

A Marsh insurance broker evaluates BMP 5 compliance of an MSC vessel for Gulf of Aden transit ; 15% premium reduction if integral anti-piracy practices.

Related terms

• IMO Compendium — global IMO framework.