New Delhi, July 14 -- The Centre has begun consultations to set up India's first protection and indemnity (P&I) entity-to be called India Club-that will provide third-party insurance to Indian ships operating in the country's coastal region and inland waterways, said shipping secretary T.K. Ramachandran. The plan is to get domestic companies to provide insurance cover to Indian ships, which now depend on global clubs for securing ships and cargoes, the secretary said in an interview. The need for an India-focused P&I entity has also been felt to reduce the country's vulnerability to international sanctions and pressures where insurance coverage is denied to shipping lines operating between countries facing sanctions. At present, third-party...