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Mint
a day ago
- Business
- Mint
Mumbai's Ganesh mandal takes insurance cover worth ₹474 crore
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.
Mint
2 days ago
- Business
- Mint
Mumbai's Ganesh mandal takes insurance cover worth ₹474 crore
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.
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Business Standard
2 days ago
- Business
- Business Standard
Mumbai's richest Ganesh Mandal secures record ₹474 crore insurance cover
The GSB Seva Mandal, known as Mumbai's richest Ganesh mandal, has purchased a record insurance cover of ₹474.4 crore this year. The increase is attributed to the higher value of gold and silver ornaments adorning the Ganesh idol, as well as a larger number of volunteers. Last year, the mandal had taken insurance cover worth ₹400 crore. State-owned New India Assurance has provided the coverage, offering all-risk cover, standard fire and special perils policy with earthquake risk cover, public liability and personal accident cover for volunteers and others. Of the ₹474 crore insurance cover, the largest component — ₹375 crore — has been allocated to personal accident cover for volunteers, including achaks, cooks, gadis, chappal stall workers, valet parking staff and security guards. A further ₹67 crore covers gold and silver jewellery and associated risks. The mandal has also taken a public liability cover of ₹30 crore, and a ₹2 crore standard fire and special perils policy for furniture, fixtures and other items. Additionally, the fire and perils policy for the venue premises is valued at ₹43 lakh. Amit Pai, Chairman of GSB Seva Mandal, said: 'The increase in insurance cover was caused by the rise in gold and silver prices and the higher number of volunteers. Although rains are a concern, the venue is an open ground. We have built a monsoon-proof shelter and have not seen leakage yet. Waterlogging is a concern, but not a major one.' Event insurance, particularly for major religious festivals such as Dahi Handi, Ganesh Chaturthi and Durga Puja, is witnessing a surge this festive season, with organisers increasingly conscious of safeguarding their events. With growing state support for festivals, organisers are encouraged to opt for comprehensive insurance packages to protect assets and participants, industry experts said. 'Compared to last year, there has been a significant increase in uptake of event insurance, indicating growing awareness among organisers. We have observed a surge in proposals, particularly from Ganesh Chaturthi mandals, with event insurance applications rising by more than 50 per cent year-on-year. This suggests organisers are more conscious of risks and are proactively seeking coverage,' said Amarnath Saxena, Chief Technical Officer, Bajaj Allianz General Insurance. He added that initiatives such as the Maharashtra government's Dahi Handi insurance for 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 figure was just over 100,000. Each participant has insurance cover of ₹10 lakh, secured at a nominal premium of ₹75. The Maharashtra Rajya Dahi Handi Govinda Association has insured nearly 145,000 Govindas, and the Vasai Virar Municipal Corporation has insured about 6,600. Separately, mandals have taken their own cover. As many as 1,968 mandals have been insured, up from 1,324 last year,' said Sachin Khanvilkar, Manager, Oriental Insurance Company. Dahi Handi is celebrated on Krishna Janmashtami, the birthday of Lord Krishna. Govindas form human pyramids to break a pot hung high above the ground, risking their lives in the process. The Maharashtra government recently announced insurance coverage for 150,000 Govindas taking part in the festival, allocating about ₹1.12 crore from the Sports Development Fund. According to reports, Saturday's celebrations in Mumbai claimed two lives and left at least 95 people injured. Insurers said there has been a noticeable shift in how festivals are managed, with organisers increasingly viewing event insurance as a practical risk management tool. As festivals grow in scale with higher budgets and wider public participation, risks are also rising. Insurers are responding with customised policies. While public liability covers for large gatherings and personal accident cover for volunteers form the bulk of insurance, organisers are also opting for protection for sets, equipment, money in transit and even employee fraud. Policies can be tailored to individual requirements, experts added.
Time of India
3 days ago
- Business
- Time of India
Mumbai's richest Ganesh mandal — GSB Seva Mandal — buys record insurance cover worth Rs 474.4 crore
Mumbai: The city's wealthiest Ganesh mandal, GSB Seva Mandal, King's Circle, has procured record insurance worth Rs 474.46 crore this season. The previous year's policy was Rs 400 crore. The increase is owing to the increased valuation of its gold and silver items, and the induction of more volunteers and priests. The mandal does not reveal the premium amount it paid, citing non-disclosure agreement. The insurance policy awarded by New India Assurance involves gold and silver items, personal accident cover, fire and other perils like earthquake, and public liability. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai Of Rs 474 crore, the all risk insurance policy which covers gold, silver and jewels is worth Rs 67 crore, up from Rs 43 crore in 2024 and Rs 38 crore in 2023. The largest share of Rs 375 crore is towards personal accident insurance and covers volunteers, priests, cooks, valets and security guards. Standard fire and special peril cover including earthquake, is Rs 2 crore, unchanged from past years. Public liability worth Rs 30 crore insures pandals, stadiums and devotees. A sum of Rs 43 lakh involves standard fire and special peril cover for the venue premises. GSB Seva Mandal chairman Amit Pai said, "The increase in gold and silver valuation is largely responsible for the hiked amount. Volunteers and priests have been added as well." The rate of 24 carat gold in Mumbai at Ganeshotsav 2024 was Rs 77,000 per 10 gm. Prices have risen to Rs 1,02,000 at present. GSB's deity is beautified with 66 kg gold ornaments and 336 kg silver. GSB will host its five day Ganeshotsav from Aug 27 to 31. This year the mandal has effected changes in entry systems and devised elevated entry for puja donors. Pai said, "We have appointed a separate agency for crowd management." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
