Mumbai's richest Ganesh Pandal takes Rs 360 crore insurance cover for Ganeshotsav

This year saw an unexpected development when GSB Seva Mandal at King's Circle, one of Mumbai's wealthiest Ganeshotsav organisers, obtained an insurance policy from New India Assurance worth at an astounding Rs 360 crore. The mandal has taken an insurance cover of Rs 360.40 crore that will cover the mandal, structure, public calamites, its volunteers, the jewellery that lord adorns and personal accident insurance.

Mandal trustee Amit Pai said, Of the Rs 360 crore, Rs 38.47 crore is an all-risk insurance policy that covers a variety of risks for gold and silver articles and jewellery; Rs 2 crore is the standard fire and special peril policy including earthquake risk. Rs 30 crore is a public liability cover that secures the pandal and devotees. The largest portion of Rs 289.50 crore is personal accident insurance cover for volunteers and staff. Last year, the GSB Seva Mandal had taken an insurance cover of a record Rs 316.40 crore  and this year it increased by Rs 44 crore.

The insurance cover jumps largely due to the valuation report of the jewellery. Since their valuation jumps, the insurance cover also jumps too, said Vijay Kamath, chairman of the GSB Seva Mandal. Last year the insurance cover was around Rs 316 crore.