Mumbai: Wealthiest GSB Ganesh mandal secures insurance worth record Rs 360 crore

MUMBAI: The ongoing festive season starting with Janmashtami onward to Ganeshotsav and Navratra is peak season for public sector insurance companies as festival organisers flock to buy customised policies. Ganeshotsav cover begins on Chaturthi day (September 18) and ends the day after the particular idol is immersed.
This year, the city's wealthiest Ganeshotsav organiser, GSB Seva Mandal, King's Circle, has procured an insurance policy worth a record Rs 360 crore from New India Assurance as compared to Rs 316 crore during Ganeshotsav 2022.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 66 kg gold ornaments and 295 kg silver. 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 natural calamities and acts of terrorism. Public liability also includes any incident arising from prasad consumption."