Mumbai's richest Ganesh mandal — GSB Seva Mandal — buys record insurance cover worth Rs 474.4 crore

Mumbai: The city's wealthiest Ganesh mandal, GSB Seva Mandal , King's Circle, has procured record insurance worth Rs 474.46 crore this season. The previous year's policy was Rs 400 crore. The increase is owing to the increased valuation of its gold and silver items, and the induction of more volunteers and priests.

The mandal does not reveal the premium amount it paid, citing non-disclosure agreement.

The insurance policy awarded by New India Assurance involves gold and silver items, personal accident cover, fire and other perils like earthquake, and public liability.

Of Rs 474 crore, the all risk insurance policy which covers gold, silver and jewels is worth Rs 67 crore, up from Rs 43 crore in 2024 and Rs 38 crore in 2023. The largest share of Rs 375 crore is towards personal accident insurance and covers volunteers, priests, cooks, valets and security guards. Standard fire and special peril cover including earthquake, is Rs 2 crore, unchanged from past years. Public liability worth Rs 30 crore insures pandals, stadiums and devotees. A sum of Rs 43 lakh involves standard fire and special peril cover for the venue premises.

GSB Seva Mandal chairman Amit Pai said, "The increase in gold and silver valuation is largely responsible for the hiked amount. Volunteers and priests have been added as well."

The rate of 24 carat gold in Mumbai at Ganeshotsav 2024 was Rs 77,000 per 10 gm. Prices have risen to Rs 1,02,000 at present. GSB's deity is beautified with 66 kg gold ornaments and 336 kg silver.

GSB will host its five day Ganeshotsav from Aug 27 to 31. This year the mandal has effected changes in entry systems and devised elevated entry for puja donors. Pai said, "We have appointed a separate agency for crowd management."