GSB Seva Mandal at King's Circle Secures Record Rs 508 Crore Insurance Cover
The GSB Seva Mandal at King's Circle in Mumbai has received three competitive tenders to insure its Ganeshotsav mandap for a record sum of Rs 508 crore this year. Tenders were opened late Monday night, and the winning insurance firm is scheduled to be announced on Tuesday following negotiations with New India Assurance, which provided coverage for the pandal last year.
The insurance valuation marks a steady increase from previous years, driven largely by the surging market prices of gold and silver. The pandal was insured for Rs 474 crore in 2025 and Rs 400 crore in 2024.
According to Mandal spokesperson Amit Pai, the largest surge occurred in the all-risk insurance policy covering precious metals and ornaments. The assets, which include gold, silver, and jewels, are being insured for Rs 99.6 crore this year, reflecting a 33 percent jump compared to Rs 67 crore in 2025. In earlier years, the mandal procured insurance worth Rs 43 crore for its gold and silver in 2024, and Rs 38 crore in 2023.
In addition to the coverage for precious assets, the total sum includes a standard fire and special peril policy with earthquake risk valued at Rs 2 crore. This policy covers furniture, fixtures, fittings, CCTV cameras, computers, utensils, grocery supplies, fruits, vegetables, and QR code scanners.
The mandal has also earmarked Rs 30 crore towards public liability insurance, which provides coverage for the pandals, stadiums, and visiting devotees during the festival.
