GSB Seva Mandal, Richest Ganesh Mandal in Mumbai, Purchases Insurance Policy Worth Record Rs 360 Crore Ahead of Ganeshotsav 2023
The wealthiest Ganeshotsav organiser in the city, GSB Seva Mandal in King's Circle, reportedly bought a policy from New India Assurance this year for a record Rs 360 crore, up from Rs 316 crore previous year.
Mumbai, September 12: As festival organisers swarm to purchase customised policies, the current holiday season, which begins with Janmashtami and continues through Ganeshotsav and Navratri, happens to be the peak season for public sector insurance providers. The Ganeshotsav cover will be in effect the day prior to Chaturthi and the day following immersion of the Ganesha idol.
The wealthiest Ganeshotsav organiser in the city, GSB Seva Mandal in King's Circle, reportedly bought a policy from New India Assurance this year for a record Rs 360 crore, up from Rs 316 crore previous year. The mandal withholds the cost of the premium. However, this price increase is a result of rising gold prices over the last year, since the value of the jewels used to embellish the idol has grown. A total of 295kg of silver and 66kg of gold decorations are used to adorn the GSB god. Ganesh Chaturthi 2023: BMC Makes It Compulsory for Mumbaikars To Get Environment-Friendly Lord Ganesha Idols, Waive Off Fee and Deposits of Public Ganeshotsav Mandals.
For the 10-day celebration, GSB Seva Mandal in King's Circle broke a previous insurance coverage record. A total of Rs 360 crore is divided into two parts: Rs 2 crore is the normal fire and special danger policy, which includes earthquake risk, and Rs 38.47 crore is an all-risk insurance policy that covers a range of hazards for gold and silver items and jewellery. A public liability insurance policy of Rs 30 crore protects worshippers and the pandal. Personal accident insurance for volunteers and employees accounts for the majority of the Rs 289.50 crore, Mandal trustee Amit Pai told TOI. Ganeshotsav 2023: Mumbai Civic Body Bans Domestic Ganpati Idols Made of PoP, Bats for ‘Shadu’ Soil, Eco-Friendly Materials.
As part of the need for the yearly event, other Ganeshotsav mandals also seek insurance. Intriguingly, Aniket Singh, assistant vice-president at Marsh India Insurance Brokers, is familiar with the requirement for coverage and serves as joint secretary of the Mumbai Cha Raja of Ganesh Gully, Lalbaug.
(The above story first appeared on LatestLY on Sep 12, 2023 04:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).