Latest news with #GSBSevaMandal
Mint
14 hours ago
- Business
- Mint
Mumbai's Ganesh mandal takes insurance cover worth ₹474 crore
The richest Ganesh mandal of Mumbai GSB Seva Mandal has bought an insurance cover of ₹ 474.4 crore this year. The increase in cover is because of the higher value of gold and silver ornaments adorning the Ganesh idol besides larger number of volunteers. Notably, the mandal had taken an insurance policy worth ₹ 400 crore last year. The insurance has been provided by the State-owned New India Assurance to the mandal, covering all risk, standard fire and special peril policy with earthquake risk cover, public liability, besides personal accident covering volunteers and others. Of the ₹ 474.4 crore insurance cover, the largest component i.e., ₹ 375 crore — has been allocated towards personal accident cover for volunteers, which include achaks, chappal stall workers, cooks, valet parking staff, among others. Then there is ₹ 67 crore coverage for gold and silver jewellery along with other associated risks. The mandal has also taken a public liability cover of ₹ 30 crore along with a ₹ 2 crore standard fire and special perils policy for furniture, fixtures, and other items. Additionally, the standard fire and special perils policy for the venue premises is valued at ₹ 43 lakh. The mandal, however, did not disclose the premium for the cover citing non-disclosure agreement. GSB Seva Mandal Chairman Amit Pai said: 'The increase in insurance cover was caused by rise in prices of gold and silver, and the higher number of volunteers. Although rains are a concern since the venue is an open ground, we have built a monsoon-proof shelter and have not seen a leakage yet. Waterlogging is a concern, but it is not a major one.' Event insurance, particularly for major religious festivals such as Dahi Handi, Ganesh Chaturthi, and Durga Puja, is witnessing a surge ahead of the festive season, with organisers becoming more conscious about safeguarding their events from possible risks. With festivals now getting government support, organisers are encouraged to opt for comprehensive insurance packages to safeguard their assets and participants, industry experts said. 'Compared to last year, there has been a significant increase in the uptake of event insurance, indicating a growing awareness among organisers. We have observed a surge in proposals, particularly from Ganesh mandals, with event insurance applications rising by more than 50 per cent year-on-year (Y-o-Y),' said Amarnath Saxena, chief technical officer, Bajaj Allianz General Insurance. He added that initiatives like the Maharashtra government's insurance for Dahi Handi participants, and the extensive coverage taken by GSB Seva Mandal reflect this changing mindset. 'For Dahi Handi, nearly 158,000 Govindas have been insured. Last year, the total insured Govindas had reached slightly over 100,000. Each participant benefits from an insurance cover of Rs10 lakh, secured at a nominal premium of ~75. Maharashtra Rajya Dahihandi Govinda Association (MRDGA) has insured nearly 145,000 Govindas and Vasai Virar Municipal Corporation has insured nearly 6,600 of them while mandals have taken insurance separately. As many as 1,968 mandals have been insured, up from 1,324 last year,' said Sachin Khanvilkar, manager, Oriental Insurance Company.
Economic Times
15 hours ago
- Business
- Economic Times
Mumbai's wealthiest Ganesh Mandal sets record by buying eye-popping Rs 474.46 crore insurance
Synopsis Mumbai's GSB Seva Mandal has obtained a record insurance cover of Rupees 474.46 crore for the upcoming Ganeshotsav. This is higher than last year. The increased value of gold and silver items is the reason. The insurance covers gold, accidents, fire, and public liability. The Mandal will celebrate the festival from August 27 to 31. Image courtesy: GSB Seva Mandal 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 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 the mandal has opted not to disclose the premium paid for this substantial cover, citing a non-disclosure 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 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 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 mandal's deity is adorned with an impressive 66 kg of gold ornaments and 336 kg of 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.
News18
15 hours ago
- Entertainment
- News18
Ganesh Chaturthi 2025: Must-Visit Ganpati Pandals In Mumbai
1/8 Lalbaugcha Raja (Parel): One of the oldest pandals in the city and is touted to be an icchapurti (wish fulfilling) Ganesha. Celebrities and people from across the country come at this place to look at bappa. The closest stations are Lower Parel, Curry Road or Cotton Green station. (Image: Instagram) Andhericha Raja (Andheri West): Started in 1966 by the blue-collared workers of the companies who had moved to Andheri, it is now a contender for one of the longest visarjan in the country. To reach here, get down at the Andheri Station or Azad Nagar Subway Station and take an auto. (Image: Instagram) 3/8 GSB Seva Mandal (Sion): This is one of the richest Ganpati pandal in the city. The idol is made of clay but is decorated with kilos of gold, silver and other ornaments. The closest stations are Kings Circle or Matunga. Take an auto from the station to reach GSB Seva Mandal. (Image: Instagram) Keshavi Naik Sarvajanik Ganeshotsav Mandal (Kalbadevi): This is one of the oldest sarvajanik Ganpati, completing 132 years this year! The pandal started in 1893 and was even visited by Lokmanya Tilak a long time ago in 1901. After reaching Charni Road station, you can take a taxi to reach the destination. (Image: Instagram) Girgaoncha Raja Ganesh Mandal (Girgaum): Girgaoncha Raja is one of the few huge idols in the city, which is completely eco-friendly. It is made completely out of shadu clay and grass. The nearest station to this pandal is Charni Road station. (Image: Instagram) Mumbaicha Raja: Another eco-friendly city icon, Mumbaicha Raja is famous for replicating major Hindu temples around the country. Head here after you have visited Lalbaugcha Raja and Chinchpoklicha Raja. (Image: Instagram) Sahyadri Krida Mandal (Chembur): Reportedly, this year, they have been very proactive about keeping things eco-friendly. Get down at the Tilak Nagar or Chembur Station and take an auto to reach here. (Image: Instagram)
Time of India
15 hours ago
- Business
- Time of India
Mumbai's wealthiest Ganesh Mandal sets record by buying eye-popping Rs 474.46 crore insurance
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel 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 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) 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 the mandal has opted not to disclose the premium paid for this substantial cover, citing a non-disclosure 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 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 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 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 mandal's deity is adorned with an impressive 66 kg of gold ornaments and 336 kg of 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.
Mint
18 hours ago
- Business
- Mint
Mumbai's Ganesh mandal takes insurance cover worth ₹474 crore
The richest Ganesh mandal of Mumbai GSB Seva Mandal has bought an insurance cover of ₹ 474.4 crore this year. The increase in cover is because of the higher value of gold and silver ornaments adorning the Ganesh idol besides larger number of volunteers. Notably, the mandal had taken an insurance policy worth ₹ 400 crore last year. The insurance has been provided by the State-owned New India Assurance to the mandal, covering all risk, standard fire and special peril policy with earthquake risk cover, public liability, besides personal accident covering volunteers and others. Of the ₹ 474.4 crore insurance cover, the largest component i.e., ₹ 375 crore — has been allocated towards personal accident cover for volunteers, which include achaks, chappal stall workers, cooks, valet parking staff, among others. Then there is ₹ 67 crore coverage for gold and silver jewellery along with other associated risks. The mandal has also taken a public liability cover of ₹ 30 crore along with a ₹ 2 crore standard fire and special perils policy for furniture, fixtures, and other items. Additionally, the standard fire and special perils policy for the venue premises is valued at ₹ 43 lakh. The mandal, however, did not disclose the premium for the cover citing non-disclosure agreement. GSB Seva Mandal Chairman Amit Pai said: 'The increase in insurance cover was caused by rise in prices of gold and silver, and the higher number of volunteers. Although rains are a concern since the venue is an open ground, we have built a monsoon-proof shelter and have not seen a leakage yet. Waterlogging is a concern, but it is not a major one.' Event insurance, particularly for major religious festivals such as Dahi Handi, Ganesh Chaturthi, and Durga Puja, is witnessing a surge ahead of the festive season, with organisers becoming more conscious about safeguarding their events from possible risks. With festivals now getting government support, organisers are encouraged to opt for comprehensive insurance packages to safeguard their assets and participants, industry experts said. 'Compared to last year, there has been a significant increase in the uptake of event insurance, indicating a growing awareness among organisers. We have observed a surge in proposals, particularly from Ganesh mandals, with event insurance applications rising by more than 50 per cent year-on-year (Y-o-Y),' said Amarnath Saxena, chief technical officer, Bajaj Allianz General Insurance. He added that initiatives like the Maharashtra government's insurance for Dahi Handi participants, and the extensive coverage taken by GSB Seva Mandal reflect this changing mindset. 'For Dahi Handi, nearly 158,000 Govindas have been insured. Last year, the total insured Govindas had reached slightly over 100,000. Each participant benefits from an insurance cover of Rs10 lakh, secured at a nominal premium of ~75. Maharashtra Rajya Dahihandi Govinda Association (MRDGA) has insured nearly 145,000 Govindas and Vasai Virar Municipal Corporation has insured nearly 6,600 of them while mandals have taken insurance separately. As many as 1,968 mandals have been insured, up from 1,324 last year,' said Sachin Khanvilkar, manager, Oriental Insurance Company. Govindas are the young men who take part in the celebrations by forming human pyramids to reach and break the pot hung high above the ground, risking their lives.
