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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,
 NBAiD8piZesGqPiY5bA7t10yzgJ9tnhs2HS6Lwv3JY3kUJQHPNEK8GBdVrJSkN3U
 IuyX4c3UC9dLa99UrpE1ZQ==

<SEC-DOCUMENT>0001017630-04-000001.txt : 20040105
<SEC-HEADER>0001017630-04-000001.hdr.sgml : 20040105
<ACCEPTANCE-DATETIME>20040105125007
ACCESSION NUMBER:		0001017630-04-000001
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:			FRENZEL OTTO N III
		CENTRAL INDEX KEY:			0001017630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05534
		FILM NUMBER:		04502954

	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>0001017630</rptOwnerCik>
            <rptOwnerName>FRENZEL OTTO N III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11330 TEMPLIN ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ZIONSVILLE</rptOwnerCity>
            <rptOwnerState>IN</rptOwnerState>
            <rptOwnerZipCode>46077</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>4688</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></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><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>27629</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></transact
ionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1995-01-05</value><footnoteId id="F2"/></exerciseDate><expirationDate><value>2013-01-03</value><footnoteId id="F2"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B  Common</value></underlyingSecurityTitle><underlyingSecurityShares><value>1098</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>8634</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></transactionDa
te><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>292</value></transactionShares><transactionPricePerShare><value>18.87</value><footnoteId id="F3"/></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>292</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>292</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershi
pNature></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>232</value></transactionShares><transactionPricePerShare><value>22.68</value><footnoteId id="F3"/></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>232</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><s
haresOwnedFollowingTransaction><value>232</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>2003-10-01</value></transactionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>246</value></transactionShares><transactionPricePerShare><value>22.39</value><footnoteId id="F3"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-10-02</value></exerciseDate><expirationDate><value>2
013-10-01</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B  Common</value></underlyingSecurityTitle><underlyingSecurityShares><value>246</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>246</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>203</value></transactionShares><transactionPricePerSha
re><value>27.09</value><footnoteId id="F3"/></transactionPricePerShare><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>203</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>203</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">Options become exercisable one year from the date o
f 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 $5,500 per quarter.</footnote><footnote id="F3">The price paid for the options was equal to and in lieu of directors fees in the amount of $5,500 per quarter.</footnote></footnotes><remarks/><ownerSignature><signatureName>Otto N. Frenzel III</signatureName><signatureDate>2004-01-05</signatureDate></ownerSignature></ownershipDocument>

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