First-Time Insurance Cover of ₹400.58 Crore for 5-Day Ganesh Chaturthi Festival
In a historic move, the GSB Seva Mandal in Mumbai has secured an insurance cover of ₹400.58 crore for the 5-day Ganesh Chaturthi celebrations. While sports events like cricket, football, and kabaddi, as well as large music events, are commonly insured, this marks the first time that a religious festival of this scale has received such a massive insurance cover.
GSB Seva Mandal’s Mahaganapati: The Richest Idol in Mumbai
Maharashtra, particularly Mumbai, is famous for its grand Ganesh Chaturthi celebrations. The city boasts over 2,000 public Ganesh Mandals, but the GSB Seva Mandal’s Mahaganapati in King’s Circle is renowned as one of the wealthiest Ganpati idols in India. The idol is adorned with more than 66 kg of gold, 325 kg of silver, and various other precious items, making it an attraction for devotees and a symbol of prosperity.
This Ganpati is lovingly referred to as “Navasala Pavnara Vishwacha Raja” (The King Who Fulfills Wishes) for its perceived miraculous powers.
GSB Seva Mandal’s 70th Anniversary Celebrations
The 2024 Ganesh Chaturthi marks the 70th year of GSB Seva Mandal’s celebrations. For last year’s festivities, the Mandal had insured the festival for ₹360.40 crore. This year, they’ve upped the coverage to ₹400.58 crore, aiming to ensure the safety and security of every devotee and the idol itself.
What Does the Insurance Cover?
The insurance primarily covers the valuable ornaments adorning the idol, the safety of devotees, and other associated risks. Here’s a breakdown of the coverage:
- All-Risk Insurance for Gold, Silver, and Ornaments: The Mandal has insured these valuable items for ₹43.15 crore.
- Furniture, Fixtures, and Supplies: Coverage of ₹2 crore for items including computers, CCTV cameras, utensils, groceries, fruits, and vegetables, even with earthquake risk included.
- Public Liability Insurance: This ₹30 crore coverage protects the pandal and surrounding areas, ensuring the safety of devotees attending the celebrations.
- Personal Accident Insurance: Volunteers, priests, cooks, laborers, and security personnel are covered with a personal accident insurance worth ₹325 crore.
- Fire and Special Risk Insurance: Coverage of ₹43 lakh for fire and other special risks to the venue and surrounding structures.
The insurance period covers the entire duration, from the time the gold ornaments are transported from the bank locker to the pandal until they are safely returned after the festivities. While the premium amount remains undisclosed, it has been stated that the New India Assurance Company has been handling the GSB Mandal’s insurance since 2010.
Private Insurers’ Hesitation
While government-run insurance companies like New India Assurance and Oriental Insurance Company (OIC) play a leading role in insuring festivals like Ganesh Chaturthi and Navratri, private insurers tend to avoid this sector. The reason cited is that these events last only a few days, offering little profit for the private companies.
This year’s festival, with its unprecedented insurance cover, reflects the growing scale and importance of ensuring safety at religious events in India.
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