Mumbai's wealthiest Ganesh Mandal sets record by buying eye-popping Rs 474.46 crore insurance

The GSB Seva Mandal in Mumbai, located in King's Circle, has secured an unprecedented insurance cover of Rs 474.46 crore for the upcoming Ganeshotsav 2024, The Times of India reported on August 19. This marks a significant increase from last year's insurance policy, which stood at Rs 400 crore.

The boost in coverage is primarily attributed to the rising valuation of the mandal's gold and silver items, alongside an expansion in the number of volunteers and priests involved, ToI's report (by Bella Jaisinghani) said.

The insurance policy, arranged through New India Assurance, encompasses a wide range of protections including coverage for gold and silver items, personal accident insurance, fire-related incidents, and public liability.


However, the mandal has opted not to disclose the premium paid for this substantial cover, citing a non-disclosure agreement.

Breaking down the coverage, the all-risk insurance, which specifically protects gold, silver, and jewels, is valued at Rs 67 crore. This is a notable increase from Rs 43 crore in 2024 and Rs 38 crore in 2023.

The bulk of the policy, amounting to Rs 375 crore, is dedicated to personal accident insurance that safeguards volunteers, priests, cooks, valets, and security personnel. Additionally, the cover for standard fire and special perils, including earthquakes, remains unchanged at Rs 2 crore.

Public liability is accounted for at Rs 30 crore, which ensures coverage for pandals, stadiums, and devotees. Furthermore, a sum of Rs 43 lakh is allocated for standard fire and special peril cover for the venue premises.

Amit Pai, chairman of GSB Seva Mandal, highlighted that the increased valuation of gold and silver has been a major factor in the rise of the insurance amount. The current rate of 24-carat gold in Mumbai has surged from Rs 77,000 per 10 grams during last year's festival to Rs 1,02,000 now.

The mandal's deity is adorned with an impressive 66 kg of gold ornaments and 336 kg of silver.

The GSB Seva Mandal is set to celebrate its five-day Ganeshotsav from August 27 to 31. This year, the mandal has implemented several changes to entry systems, including an elevated entry for puja donors. To manage the expected large crowds, a dedicated agency has been appointed to oversee crowd control.