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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TW6BjQ7JA4ig6mgJeGF73irXKoZs+15Tm10zLSoGzDHJ21ONxUrp3Pn2Wt5azivQ
 3Rd1zEuvht8O7uxcwFMTXQ==

<SEC-DOCUMENT>0001017632-04-000001.txt : 20040105
<SEC-HEADER>0001017632-04-000001.hdr.sgml : 20040105
<ACCEPTANCE-DATETIME>20040105125125
ACCESSION NUMBER:		0001017632-04-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040102
FILED AS OF DATE:		20040105

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BALDWIN & LYONS INC
		CENTRAL INDEX KEY:			0000009346
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				350160330
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1099 N MERIDIAN ST
		STREET 2:		STE 700
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204
		BUSINESS PHONE:		3176369800

	MAIL ADDRESS:	
		STREET 1:		1099 NORTH MERIDIAN ST
		STREET 2:		STE 700
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BALDWIN H C AGENCY INC
		DATE OF NAME CHANGE:	19720309

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OMARA JOHN M
		CENTRAL INDEX KEY:			0001017632

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05534
		FILM NUMBER:		04502963

	BUSINESS ADDRESS:	
		STREET 1:		C/O BALDWIN & LYONS INC
		STREET 2:		1099 NORTH MERIDIAN STREET
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204
		BUSINESS PHONE:		1376369800

	MAIL ADDRESS:	
		STREET 1:		C/O BALDWIN & LYONS INC
		STREET 2:		1099 NORTH MERIDIAN STREET
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2004-01-02</periodOfReport>
    <issuer>
        <issuerCik>0000009346</issuerCik>
        <issuerName>BALDWIN &amp; LYONS INC</issuerName>
        <issuerTradingSymbol>BWINA / B</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001017632</rptOwnerCik>
            <rptOwnerName>OMARA JOHN M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>314 WEST LYON FARM DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeHolding><securityTitle><value>Class A Common </value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>14062</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Class A Common</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>57375</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>In trust for reporting person's wife and children</value><footnoteId id="F2"/>
</natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Class A Common</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>13875</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Owned by reporting person's wife</value><footnoteId id="F3"/></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeTransaction><securityTitle><value>Class B Common</value></securityTitle><transactionDate><value>2004-01-02</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1098</value></transactionShares><transactionPricePerShare><value>28.10</value></transactionPricePerShare><transactionAcquiredDisposedC
ode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>65129</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Right to buy (option)</value></securityTitle><conversionOrExercisePrice><value>.80</value></conversionOrExercisePrice><transactionDate><value>2004-01-02</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>X</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1098</value></transactionShares><transactionPricePerShare><value>28.10</value></transactionPricePerShare><transactionAcquiredDisposedCode><valu
e>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1995-01-03</value><footnoteId id="F4"/></exerciseDate><expirationDate><value>2013-01-03</value><footnoteId id="F4"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B  Common</value></underlyingSecurityTitle><underlyingSecurityShares><value>1098</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>7955</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Right to buy (option)</value></securityTitle><conversionOrExercisePrice><value>1.00</value></conversionOrExercisePrice><transactionDate><value>2003-04-01</value></transactionDate><transactionCoding><transactionFormType>5</transacti
onFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>239</value></transactionShares><transactionPricePerShare><value>18.87</value><footnoteId id="F5"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-04-02</value></exerciseDate><expirationDate><value>2013-04-01</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B  Common</value></underlyingSecurityTitle><underlyingSecurityShares><value>239</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>239</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeTransaction><derivativeTransaction>
<securityTitle><value>Right to buy (option)</value></securityTitle><conversionOrExercisePrice><value>1.00</value></conversionOrExercisePrice><transactionDate><value>2003-07-01</value></transactionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>190</value></transactionShares><transactionPricePerShare><value>22.68</value><footnoteId id="F5"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-07-02</value></exerciseDate><expirationDate><value>2013-07-01</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B  Common</value></underlyingSecurityTitle><underlyingSecurityShares><value>190</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>190</value></shar
esOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Right to buy (option)</value></securityTitle><conversionOrExercisePrice><value>1.00</value></conversionOrExercisePrice><transactionDate><value>2003-10-01</value></transactionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>157</value></transactionShares><transactionPricePerShare><value>22.39</value><footnoteId id="F5"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-10-02</value></exerciseDate><expirationDate><value>2013-10-01</value></expirationDate><underlyingSecurity><
underlyingSecurityTitle><value>Class B  Common</value></underlyingSecurityTitle><underlyingSecurityShares><value>157</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>157</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Right to buy (option)</value></securityTitle><conversionOrExercisePrice><value>1.00</value></conversionOrExercisePrice><transactionDate><value>2004-01-02</value></transactionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>166</value></transactionShares><transactionPricePerShare><value>27.11</value><footnoteId id="F5"/></transacti
onPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2005-01-03</value></exerciseDate><expirationDate><value>2014-01-02</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B  Common</value></underlyingSecurityTitle><underlyingSecurityShares><value>166</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>166</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">All information presented has been adjusted to reflect a 5-for-4 stock split effective February 17, 2003.</footnote><footnote id="F2">Reporting person serves as trustee and has or shares investment power but expressly disclaims beneficial o
wnership.</footnote><footnote id="F3">Reporting person disclaims beneficial ownership of these shares.</footnote><footnote id="F4">Options become exercisable one year from the date of issuance and expire ten years and one day from the date of issuance.  Exercise price for all options was $1.00 per share on the date of grant.  For options previously reported on Forms 4 and 5, the expiration dates range from January 3, 2004 to January 3, 2013.  The price paid for the options was equal to and in lieu of directors fees in the amount of $3,000 to $4,500 per quarter.</footnote><footnote id="F5">The price paid for the options was equal to and in lieu of directors fees in the amount of $3,000 to $4,500 per quarter.</footnote></footnotes><remarks/><ownerSignature><signatureName>John M. O'Mara</signatureName><signatureDate>2004-01-05</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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