GSB Ganesh mandal in Mumbai buys record Rs 360 crore insurance | Mumbai News – Times of India

MUMBAI: The ongoing festive season starting with Janmashtami and moving to Ganeshotsav and Navratri is peak season for public sector insurance companies as festival organisers flock to buy customised policies. Ganeshotsav cover begins a day before Chaturthi and ends the day after immersion.
This year, the city’s wealthiest Ganeshotsav organiser, GSB Seva Mandal at King’s Circle, has procured a policy worth a record Rs 360 crore from New India Assurance; it had purchased one worth Rs 316 crore last year. The mandal does not disclose the premium paid.
However, this cost escalation is a natural outcome of gold prices having risen over the past year, as the value of jewellery adorning the idol has increased. The GSB deity is decorated with 66kg gold ornaments and 295kg silver.
80% of GSB cover for Ganpati festival is for volunteers, staff
GSB Seva Mandal at King’s Circle has set a new record for insurance cover for the 10-day festival. Mandal trustee Amit Pai said, “Of the Rs 360 crore, Rs 38.47 crore is an all-risk insurance policy that covers a variety of risks for gold and silver articles and jewellery; Rs 2 crore is the standard fire and special peril policy including earthquake risk. Rs 30 crore is a public liability cover that secures the pandal and devotees. The largest portion of Rs 289.50 crore is personal accident insurance cover for volunteers and staff.”
Other Ganeshotsav mandals also seek insurance as part of the yearly festival mandate. Interestingly, Aniket Singh, joint secretary of the Mumbai Cha Raja of Ganesh Gully, Lalbaug, works as assistant vice-president at Marsh India Insurance Brokers and is well conversant with the need for cover.
Singh said, “Our total sum insured is approximately Rs 7 crore and the premium is nearly Rs 1 lakh. The cover primarily secures the mandal against financial loss arising from burglary of cash and valuable ornaments offered to Bappa. The additional cover insures against fire and allied perils. We also provide accident cover to the 200 volunteers serving in shifts at the pandal, and there is a component of earthquake and terrorism cover along with public liability as well.”
Ganesh Gully’s idol wears a gold necklace and crown worth Rs 2.5 crore and silver ornaments worth Rs 20 lakh.
Both New India Assurance and Oriental Insurance Company design tailormade policies for Ganeshotsav organisers.
Sachin Khanvilkar, manager at Oriental Insurance, said, “So far 22 Ganpati mandals have signed up with us. The main component of Ganeshotsav cover involves securing the gold jewellery and daan peti (cash box donation). Nowadays, even a small mandal in a housing society adorns its idol with gold jewellery worth Rs 1-2 lakh. Apart from that, we provide personal accident cover to the karyakartas, and factor in natural calamities and acts of terrorism. Public liability also includes any incident arising from prasad consumption.”