Mumbai's wealthiest GSB Ganeshotsav mandal takes a record Rs 316 crore cover

MUMBAI: The city's wealthiest Ganeshotsav mandal, GSB Seva Mandal, King's Circle, has taken an insurance policy worth a record sum of Rs 316.4 crore for its five-day festival. As in earlier years, the public sector company New India Assurance is the insurer.
GSB had previously taken a similarly big policy of Rs 300 crore in 2016. This year, mandal officials did not say if the sum had increased due to the appreciating value of their gold reserves, or if more items or valuables were covered.
Its Maha Ganpathi is decorated with approximately 66kg of gold ornaments, and 295-plus-kg of silver and other precious items.
The mandal declined to reveal the premium amount because such policies are customised for high-value clients.
The organisers said, "This policy of Rs 316.40 crore covers a variety of risks. Of this, Rs 31.97 crore covers gold, silver and jewellery that adorns the idol. The largest segment of Rs 263 crore involves personal accident cover for mandal volunteers, priests, cooks, footwear stall workers, valet parking personnel and security guards." A spokesman said, "Rs 1 crore is standard fire and special peril policy with earthquake risk that covers items like furniture, fixtures and fittings, installations like computers, CCTV cameras, scanners, utensils, grocery, fruits and vegetables. The standard fire and special peril policy for the venue premises provides insurance of Rs 77.5 lakh. Public liability, which covers pandals, stadiums and devotees, is secured with Rs 20 crore."
GSB King's Circle will unveil the first look of its Ganpati at a 'Virat Darshan' ceremony on August 29.
The parallel GSB Sarvajanik Mandal of Ram Mandir, Wadala, has also taken a large insurance policy worth Rs 250 crore. "We are paying a premium of Rs 7-8 lakh for this policy which is customised for us by the insurer," said trustee Ulhas Kamat. This idol is installed for the full 10 days of the festival.
The mandal with maximum footfalls, Lalbaugcha Raja, has taken insurance worth Rs 25.6 crore from New India Assurance for which it is paying a Rs 5.2 lakh premium. Mandal president Balasaheb Kamble said, "Of the Rs 25 crore, Rs 6.13 crore takes care of ornaments adorning the deity and other valuables... Personal accident cover, as always the largest chunk of the total sum, is Rs 12 crore."