The organizers of the Ganesh Chaturthi festival , which started on 13 September and lasts eleven days in Maharashtra, collected nearly 600 million INR (83 million USD) to insure the festivities of Ganesh idols and their devotees.The coverage cost has increased by 20% this year.
"GBS Seva Mandal", the most expensive statue is adorned with nearly 90 kg of gold and is insured for 264 million INR (36 million USD). The insurance policy covers jewellery, personal accident for devotees and workers, and organizers' third party liability.The premium varies from 1 to 1.5% of the insured value.
The insurance is valid until 28 September and starts from the day the jewels are taken out from the lockers.
Despite the competitive rates offered by private insurers, the market is still dominated by State-owned companies: New India, Oriental, National and United.