The GSB Seva Mandal, recognised as Mumbai's wealthiest Ganesh mandal, has obtained record-breaking insurance coverage of ₹474.4 crore for this year's festival celebrations. The comprehensive policy from state-owned New India Assurance represents a significant increase from last year's ₹400 crore coverage, reflecting rising gold prices and increased volunteer participation.
| Coverage Type | Amount | Purpose
|
|---|---|---|
| Personal Accident Cover | ₹375 crore | Volunteers (achaks, cooks, gadis, chappal stall workers, valet parking, security guards) |
| Gold & Silver Jewellery | ₹67 crore | Ornaments adorning the Ganesh idol and associated risks |
| Public Liability | ₹30 crore | General public liability coverage |
| Standard Fire & Special Perils (Items) | ₹2 crore | Furniture, fixtures, and other items |
| Standard Fire & Special Perils (Venue) | ₹43 lakh | Venue premises coverage |
GSB Seva Mandal Chairman Amit Pai attributed the substantial coverage increase to rising gold and silver prices used in ornaments decorating the Ganesh idol, alongside higher volunteer participation numbers. The mandal opted not to disclose the premium amount due to non-disclosure agreement terms with the insurer.
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According to Amarnath Saxena, chief technical officer at Bajaj Allianz General Insurance, event insurance applications from Ganesh mandals have experienced more than a 50% year-on-year increase. This record coverage reflects broader industry trends in event insurance for major religious festivals, demonstrating enhanced risk management awareness among organisers.
The Maharashtra government actively supports insurance coverage for festival participants. During the recent Dahi Handi festival, nearly 1,58,000 Govindas were insured (up from slightly over 1,00,000 last year), with each participant receiving ₹10 lakh coverage at ₹75 nominal premium. The government allocated ₹1.12 crore from the Sports Development Fund for this initiative.
GSB Seva Mandal's record ₹474.4 crore insurance coverage from New India Assurance, representing an 18.6% increase from last year's ₹400 crore policy, demonstrates enhanced risk management in a religious festival organisation. With comprehensive coverage spanning personal accident (₹375 crore), gold jewellery (₹67 crore), and public liability protection, the policy reflects growing awareness of event insurance amid rising asset values and increased participation.
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Published on: Aug 19, 2025, 3:30 PM IST
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