Public sector insurance companies witness their peak season comes along with the festive season as organisers of the festivals run to buy customised insurance covers. The cover for Ganeshotsav starts a day before Chaturthi and end a day after the immersion of Lord Ganesha’s idols.
According to a Times of India report, Mumbai’s wealthiest Ganeshotsav organiser, GSB Seva Mandal at King’s Circle has acquired a policy at a record worth of Rs 360 crore from New India Assurance, last year its cover was worth Rs 316 crore, however, the mandal has not disclosed the premium paid. ‘
The increased cover cost is a resultant of gold prices — shot up this year — which also has a direct effect on the value of jewellery that the God’s idol will be adorned with. The GSB idol is decorated with gold ornaments weighing 66 kilograms and silver ornaments weighing 295 kilograms.
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“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,” said Amit Pai, a trustee of the Seva Mandal.
Similarly, other Ganeshotsav organising Mandals also procure insurance covers as part of their annual mandate. Reportedly, joint secretary of the Mumbai Cha Raja of Lalbaug’s Ganesh Gully, Aniket Singh works as assistant vice-president at Marsh India Insurance Brokers and is well conversant with the need for cover.
“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,” Singh said.
He went on to say that, “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.”
Lord Ganesha’s idol at Ganesh Gully is adorned with a gold necklace and crown worth Rs 2.5 crore and silver ornaments worth Rs 20 lakh.
The policies for Ganeshotsav organisers are custom-made by Both New India Assurance and Oriental Insurance Company.
Oriental Insurance manager Sachin Khanvilkar 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.”
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