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ICICI Lombard Expert Blog

Lalbaugcha Raja Insured for `51 crores

September 11 2015
Ganesh Chaturthi festival 2015
Ganesh Chaturthi festival 2015

Maharashtra is gearing up for the upcoming Ganesh Chaturthi festival that will be celebrated from 17th to 27th September. This has led to a lot of positive activity in the insurance sector. The estimated cover taken by Ganesh mandals in Maharashtra is in the range of ` 480 - 500 crores.

The renowned Lalbaugcha Raja has been insured for ` 51 crores this year. The insurance policy covers the set, pandal, settings and electricals. Other than this, third-party risks are also covered. It also constitutes of accident insurance for officials, volunteers, and residents, along with the idol and gold protection.

Most of the organizers are seeking insurance that offers protection against damage to the idol and pandal, due to fire or other incidents. In addition, cover for theft, personal accidents for devotees and terrorist attacks are also sought. The organizers have also insured the immersion activity as the cover will include any drowning accident or death.

The number of mandals availing insurance has seen 30-40 percent elevation. The premium ranges from few thousands to a whooping amount in lakhs depending upon the coverage size. On an average, a premium of `12 -13 lakhs is charged for `15 crores policy.

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