The all-risk insurance package has been provided by New India Assurance and covers gold, silver and precious stones, personal accident insurance, fire and earthquake risks, and public liability.
Mumbai’s wealthiest Ganesh mandal, the GSB Seva Mandal at King’s Circle, has secured a record insurance cover worth Rs 474.46 crore for this year’s festival, significantly higher than last year’s Rs 400 crore policy. The increase is attributed to a higher valuation of gold and silver ornaments adorning the deity, along with the inclusion of more volunteers and priests under the policy.
The all-risk insurance package has been provided by New India Assurance and covers gold, silver and precious stones, personal accident insurance, fire and earthquake risks, and public liability.
Of the total amount, the largest component is personal accident insurance worth Rs 375 crore, extending coverage to volunteers, priests, cooks, attendants and security staff.
Public liability insurance worth Rs 30 crore covers pandals, stadiums and devotees, while standard fire and special risk cover for the venue premises stands at Rs 43 lakh. Fire and earthquake coverage has been retained at Rs 2 crore, unchanged from previous years.
This year’s policy also reflects a sharp rise in insurance premiums. The all-risk policy for ornaments alone is valued at Rs 67 crore, compared to Rs 43 crore in 2024 and Rs 38 crore in 2023. GSB Seva Mandal president Amit Pai said, “The increase is largely due to the rise in valuation of gold and silver. Volunteers and priests have also been included in the coverage.”
The soaring price of gold has added to the jump in coverage. During Ganeshotsav 2024, 24-carat gold was priced at Rs 77,000 per 10 grams, whereas it currently stands at Rs 1,02,000. The GSB deity will be adorned with 66 kilograms of gold ornaments and 336 kilograms of silver.
