 "Ganesh Chaturthi: In Mumbai, even Ganpati pandals are insured. But why?")
Ganesh Chaturthi, the popular festival in India celebrating Lord Ganesha, is set to begin today (September 7). The 10-day-long festival is observed across India, especially in Maharashtra, with much enthusiasm and devotion.
Ganpati pandals have come up across Mumbai to worship the elephant-headed deity. Like every year, mandals are buying insurance covers for these Ganesh puja pandals. But why?
Let’s take a closer look.
Insurance for Ganpati pandals
Many Ganpati mandals in Mumbai have insurance coverage for the festival.
The Gaud Saraswat Brahmin (GSB) Seva Mandal’s Maha Ganpati in the city, known as the “richest idol” of Lord Ganesha, has been insured for an extraordinary Rs 400.58 crore, breaking its last year record, as per a Deccan Herald (DH) report.
The insurance of GSB Seva Mandal, located in the King’s Circle area, will cover several risks such as theft, fire, and earthquake for its five-day festival starting today and ending on September 11.
The mandal has not revealed the premium it paid to secure the insurance amount.
The all risk insurance policy for gold, silver and jewellery is worth Rs 43.15 crore. “Gold and silver prices have increased. It all depends on that,” Mangesh Kadam from New India Insurance Company Ltd, which insured the pandal, told Free Press Journal (FPJ).
Rs 2 crore is meant for standard and special peril policy with earthquake risk include furniture, installations like computers and CCTVs, utensils, groceries, fruits and vegetables. A whopping Rs 325 crore is for personal accident insurance cover for volunteers, cooks, chappal stall workers, valet parking persons, and security guards, among others. The standard fire and special peril policy for the venue is for Rs 43 crore, the DH report noted.
Impact Shorts
More ShortsAccording to the newspaper, the Maha Ganapati idol will be adorned with over 66 kg of gold ornaments, 325 kg of silver and other precious items.
Last year, the GSB Seva Mandal was insured for Rs 360.40 crore, up from Rs 316.40 crore in 2022.
The New India Insurance Company Ltd has also provided insurance cover worth Rs 32.76 crore for Lalbaugcha Raja , Mumbai’s most famous Ganpati. The break-up of the insurance amount includes Rs 12 crore for personal accident cover for mandal workers, trustees and service personnel; Rs 10 crore for third-party liability including ‘poisoning’ by prasad; Rs 2.5 crore for sets, property and electrical fittings of the pandal; and Rs 8.26 crore for gold jewellery and other precocious items decorating Lord Ganesha’s idol, reported Times of India.
लालबागचा राजाचे, प्रसिद्धी माध्यमांसाठी फोटो सेशन गुरुवार दिनांक 5 सप्टेंबर 2024 रोजी संध्याकाळी ठिक 7 वाजता करण्यात आले आहे. त्या वेळेची क्षणचित्रे.#lalbaugcharaja
— Lalbaugcha Raja (@LalbaugchaRaja) September 5, 2024
Exclusive live on YouTube :https://t.co/XAHhCLjBM6 pic.twitter.com/fg07hI096z
Oriental Insurance Company has insured Mumbaicha Raja of Ganesh Gully for a Rs 10 crore-worth policy.
Need for insurance covers in festivals
The Ganesh puja season offers a good opportunity for general insurance companies for business. With the mandals organising the festival on a large scale, they have to bear responsibility.
The pandal insurance cover usually spans from the beginning of the festival to the day of immersion of the idol.
As Hindustan Times (HT) noted, the insurance is generally for gold and silver ornaments, the pandals, the visarjan procession and personal accident covers for volunteers and devotees. It also covers any damage to pandals, stampedes and poisoning of food and prasad.
Some companies even provide terrorism insurance and fire insurance. Insurance company executives reveal that cover size has increased year-on-year due to a rise in footfall and associated risks, Business Standard reported in 2016.
Specialised policies are also being offered by some firms for the festival. The premium varies from Rs 10 lakh to Rs 20 lakh for a Rs 100-crore insurance cover, as per the HT report in 2016.
The big mandals usually approach the four public sector general insurance companies — National Insurance Company, New India Assurance, Oriental Insurance Company and United India Insurance Company.
However, there has been a surge in demand for such covers from private insurers as well.
“Mostly pandals for all festivals — Ganesh, Durga Puja and even Diwali besides others — are serviced by the public sector insurers. The risk is skewed and mostly the private sector players do not get involved,” a senior official in a large private sector general insurance company told HT earlier.
High secrecy is reportedly maintained during talks between pandal organisers and insurance companies due to fierce competition. Many times, there are privacy clauses in insurance contracts to prevent the terms from getting “leaked”.
ALSO READ: Ganesh Chaturthi: From Thailand to Japan, how Ganpati is revered beyond India
Not just Ganpati pandals
Insuring pandals is not just a trend during the 10-day Ganesh Chaturthi. As festivals often get government support now, organisers are encouraged to opt for insurance packages to “safeguard” their assets and participants, as per Business Standard.
It is becoming more and more common to insure Durga puja pandals. Insurance policies are also being availed for other religious festivals like Janmashtami, Dahi Handi, and Navratri. Bajaj Allianz General Insurance saw 60 event insurance policies for different festivals in 2015-16.
“These policies are not only sought by big or popular pandals even small event organisers who are aware of the risks associated with events go for this policy. However the uptake was higher amongst the bigger pandals,” the insurer told Business Standard at the time.
In 2020, many Durga puja committees in West Bengal bought COVID-19 insurance for electricians and labourers involved in setting up and later dismantling pandals.
With inputs from agencies
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