News details

• Sep 05, 2023

GSB Mandal Secures INR 360Cr Insurance for Ganeshotsav 2023

Every year, Mumbai's King's Circle witnesses a grand celebration during Ganeshotsav, and at the heart of it stands GSB Seva Mandal's MahaGanapati, known as India's wealthiest Lord Ganesha idol. This year marks the 69th anniversary of Lord MahaGanapati's arrival, and the excitement is building up.Lord MahaGanapati, lovingly called Navsala Pavnara Vishwacha Raja by his devotees, is renowned for his countless miracles and blessings that reach far and wide. The festivities kick off with the Virat Darshan Day on September 17, 2023, followed by Ganeshotsav from September 19 to 23, 2023.

One of the most crucial preparations for this grand event is insurance coverage. The idol of GSB's MahaGanapati is adorned with an impressive 66+ kgs of Gold Ornaments, 295+ kgs of Silver, and various other precious items generously donated by devotees and Sevedars.This incident is not expected to lead to an increase in premium costs for firms, as the incurred claim ratio for fire-related incidents has decreased from 96.78% to 68.82% in the 2012-2013 period. Although the fire insurance segment has become profitable, the non-life insurance industry as a whole is still grappling with losses. In 2012-2013, the industry recorded an underwriting loss of Rs 6,984 crore, which represents the claims paid to premiums earned.

The New India Insurance Co. Ltd. is providing this comprehensive coverage, which includes:

• INR 38.47 Crores: All-Risk Insurance Policy, covering risks associated with Gold, Silver, and Jewelry.
• INR 2 Crore: Standard Fire and Special Peril Policy, with Earthquake Risk coverage for items like Furniture, Fixtures & Fittings, Installations, Utensils, and more.
• INR 30 Crores: Public liability insurance, safeguarding Pandals, Stadiums, Devotees, and more.
• INR 289.50 Crores: Personal Accident Insurance, protecting Volunteers, Archaks, Cooks, and other involved individuals.
• INR 43 Lacs: Standard Fire & Special Peril Policy for the venue premises.

In comparison, last year's insurance cover was INR 316.40 Crores. Amit D. Pai emphasized the significance of this festival for the community, with over 60,000 Poojas/Sevas offered to Lord MahaGanapati, and more than 20,000 people benefiting from Annadaan Seva, where Prasad Bhojan is served on Banana Leaves. The Mandal also takes great care to maintain environmental balance by crafting the MahaGanapati idol using eco-friendly materials like Shaadu Maati, Grass, and Naturally Extracted Water Colors. Furthermore, the Mandal has embraced digital practices, moving away from traditional paper receipts to reduce paper waste and plastic usage. Their commitment to "Go Green" reflects their dedication to an eco-friendly festival. As GSB Seva Mandal gears up for Ganeshotsav 2023, the insurance coverage ensures the protection of the valuable assets associated with Lord MahaGanapati, while their eco-conscious efforts make it a celebration that cares for both tradition and the environment.