Mumbai's Ganesh mandal takes insurance cover worth ₹474 crore

Mint

a day ago

The richest Ganesh mandal of Mumbai GSB Seva Mandal has bought an insurance cover of ₹ 474.4 crore this year. The increase in cover is because of the higher value of gold and silver ornaments adorning the Ganesh idol besides larger number of volunteers.
Notably, the mandal had taken an insurance policy worth ₹ 400 crore last year.
The insurance has been provided by the State-owned New India Assurance to the mandal, covering all risk, standard fire and special peril policy with earthquake risk cover, public liability, besides personal accident covering volunteers and others.
Of the ₹ 474.4 crore insurance cover, the largest component i.e., ₹ 375 crore — has been allocated towards personal accident cover for volunteers, which include achaks, chappal stall workers, cooks, valet parking staff, among others.
Then there is ₹ 67 crore coverage for gold and silver jewellery along with other associated risks. The mandal has also taken a public liability cover of ₹ 30 crore along with a ₹ 2 crore standard fire and special perils policy for furniture, fixtures, and other items.
Additionally, the standard fire and special perils policy for the venue premises is valued at ₹ 43 lakh. The mandal, however, did not disclose the premium for the cover citing non-disclosure agreement.
GSB Seva Mandal Chairman Amit Pai said: 'The increase in insurance cover was caused by rise in prices of gold and silver, and the higher number of volunteers. Although rains are a concern since the venue is an open ground, we have built a monsoon-proof shelter and have not seen a leakage yet. Waterlogging is a concern, but it is not a major one.'
Event insurance, particularly for major religious festivals such as Dahi Handi, Ganesh Chaturthi, and Durga Puja, is witnessing a surge ahead of the festive season, with organisers becoming more conscious about safeguarding their events from possible risks.
With festivals now getting government support, organisers are encouraged to opt for comprehensive insurance packages to safeguard their assets and participants, industry experts said.
'Compared to last year, there has been a significant increase in the uptake of event insurance, indicating a growing awareness among organisers. We have observed a surge in proposals, particularly from Ganesh mandals, with event insurance applications rising by more than 50 per cent year-on-year (Y-o-Y),' said Amarnath Saxena, chief technical officer, Bajaj Allianz General Insurance.
He added that initiatives like the Maharashtra government's insurance for Dahi Handi participants, and the extensive coverage taken by GSB Seva Mandal reflect this changing mindset.
'For Dahi Handi, nearly 158,000 Govindas have been insured. Last year, the total insured Govindas had reached slightly over 100,000. Each participant benefits from an insurance cover of Rs10 lakh, secured at a nominal premium of ~75. Maharashtra Rajya Dahihandi Govinda Association (MRDGA) has insured nearly 145,000 Govindas and Vasai Virar Municipal Corporation has insured nearly 6,600 of them while mandals have taken insurance separately. As many as 1,968 mandals have been insured, up from 1,324 last year,' said Sachin Khanvilkar, manager, Oriental Insurance Company.
Govindas are the young men who take part in the celebrations by forming human pyramids to reach and break the pot hung high above the ground, risking their lives.