 "Ganpati")
Ganpati mandals in the city have secured bumper insurance for the festival that begins on September 5 and concludes on September 31. Insurance officials said that overall event insurance that includes public liability, terrorism insurance, fire insurance, money insurance and personal accident cover among others has crossed Rs 500 crore.
GSB Seva Mandal, Kings Circle which is the richest ganpati mandal in the city on the account of the gold and silver ornaments that adorn the idol has secured an insurance of Rs 300 crore for the event. This includes cover for the gold and silver jewellery, valuables, the shed itself among others. Further, the cover also includes the 2200 volunteers and also has public liability and personal accident covered. To ensure that there is enough help at hand, on-call doctors will also be deputed at the venue.
Insurance company executives said that the cover sizes have been on the rise on a year-on-year basis with the increase in footfalls and associated risks. Over and above insurance being taken by the mandals, specialised policies have also been designed by sector players.
GSB Sarvajanik Ganeshotsava Samiti, Wadala has taken a cover of Rs 100 crore for the festivities that includes personal accident, public liability among other policies.
This year, IRM Insurance Broker has designed a Special Contingency Policy in association with Oriental Insurance exclusively for the Ganesh Mandals covering all types of insurance required by the Mandals for the various risks arising during the Ganesh festival.
The insurance would cover the fire and burglary cover, jewellery used to adorn the deity, the devotees who come for darshan, accident cover for the named volunteers and for the pandal, public liability among others. The insurance would last till the idol goes for immersion. Mandals which are registered can take this insurance cover. Here, the premium varies from Rs 3,000 for Rs 1 lakh sum insured (for each section that includes fire, terror, earthquake; theft; personal accident, volunteer insurance, ornaments among others) to Rs 2,50,000 premium for Rs 2 crore sum insured.
The city's most popular mandal Lalbaugcha Raja has taken an insurance cover of Rs 51 crore which includes personal accident, fire and property, ornaments, labour force as well as volunteers. The premium is said to be around Rs 13.2 lakh for this cover, which will be in force till the day of the immersion of the idol on Ananth Chaturdashi.
With gold jewellery in abundance on the idol and the structure around, organisers are ensuring that they are adequately protected. For instance, Andhericharaja has taken a cover of Rs 3.8 crore from National Insurance which includes a cover of Rs 1.5 crore for the ornaments, personal accident policy of Rs 30 lakh as well as a cover of Rs 1.25 crore for devotees during visarjan.
While the big mandals have taken covers from public sector general insurers, private insurers are seeing a rise in demand for such covers as well. Sector executives said that both public and private sector general insurers are seeing a rise in insurance covers for big events like Ganpati festival as well as Durga Puja. Bajaj Allianz General Insurance said that they witnessed a 27 per cent growth in event insurance policies and 82 per cent premium growth in 2015-16. They saw an increased demand from major cities of Maharashtra and Gujarat such as Mumbai, Pune, Ahmedabad, Rajkot and Surat.
Bajaj Allianz General said that in 2015-16, 60 event insurance policies were for religious celebrations such as Ganesh Chaturthi, Janmashtami, Navratri, Durga Puja, and various fairs organised during the festivities. "These policies are not only sought by big or popular pandals even small event organisers who are aware of the risks associated with event go for this policy. However the uptake was higher amongst the bigger pandals," the insurer said.
