GSB Mandal in Kings Circle buys insurance cover of Rs 300 crore, highest ever
The generous donation of gold and silver from devotees to ganesh mandals has led to a significant increase increase in their reserves, requiring them to buy a higher insurance cover each year.
Since donation of the precious metals continues to pile on to the existing reserves, with little or nothing being spent, the total amount that the mandals need to insure is expected to rise with every passing year, with 2016 witnessing the highest covers till date.
This year, the highest insurance cover has been purchased by city’s richest mandal, GSB Seva Mandal at King’s Circle. Reportedly, the mandal bought an insurance cover worth Rs 300 crore from the company this year in comparison to the Rs 298 crore cover it had purchased last year.
The increase in amount was due to the 17 kg of silver that was donated to the mandal since last year. After the donation, the idol is now adorned with 68 kg of gold and 315 kg of silver.
According to one report, of the Rs 300 crore policy, Rs 25 crore covers ornaments against theft and robbery, Rs 10 crore insures against fire and earthquake and Rs 40 crore is public liability cover. The remaining Rs 225 crore protects devotees, officials and volunteers.
The iconic Lalbaugcha Raja has also insured its pandal for Rs 51 crore and taken another Rs 15 crore policy for insuring all Ganesh bhakts partaking in immersion processions across Mumbai.
The other GSB mandal at Wadala’s Ram Mandir has purchased a policy worth Rs 105 crore.