GSB Ganeshotsav, Mumbai’s richest mandal takes record insurance policy of Rs 316.6 crore

Mumbai, Aug 23: Mumbai's richest Ganeshotsav mandal GSB Seva Medal King's Circle has taken an insurance policy which is worth a record Rs 316.4 crore for the five day festival. Public sector company New India Assurance is the insurer.

In 2016 GSB had taken a huge policy worth Rs 300 crore. The mandal however did not say why the sum increased and if it did was it because of the appreciating value of their gold reserves.

The mandal's Maha Ganapathi is decorated with around 66 kilograms of gold ornaments, over 295 kg silver and other precious items.

"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," the organisers said.

GSB King's Circle will also unveil the first look of its Ganpati at a Virat Darshan ceremony on August 29.

The parallel GSB Sarvajanik Mandal of Ram Mandir of Wadala has also taken an insurance policy worth Rs 250 crore. We are paying a premium of Rs 7 to 8 lakh for this policy which has been customised for us by our insurer, Ulhas Kamat the trustee said.

On the other hand the mandal with maximum footfalls Lalbaugcha Raja has taken an insurance of Rs 25.6 crore from New India Assurance for which it pays a premium of Rs 5.2 lakh.