Here’s a ready reckoner on wedding insurance, why you should opt for it and major exclusions of the policy.
Customised Convenience
Wedding insurance is a customised event insurance plan that includes all specific risks related to marriage. The typical coverage includes the cancellation or postponement of wedding due to unforeseen circumstances, accident to bride/ groom, accident to blood relatives resulting in hospitalisation within seven days prior to the printed/ declared wedding date, damage to property and money in safe, burglary and public liability. For instance, if the marriage hall gets flooded or in occurrence of an earthquake, the irreversible cost of the wedding is reimbursed as per the policy terms and conditions. Further, the public liability cover safeguards you against legal liability arising towards third parties for accidents resulting in injury or damage occurring at the venue of the insured event.
In India, most insurance companies such as Bajaj Allianz, ICICI Lombard, Oriental Insurance, and National Insurance offer this product. Since the product is tailor-made, suiting individual requirements and needs, the sum insured could be of any amount depending on the requirement of the customer. There is no maximum or minimum limit to the sum insured. To ensure a smooth event, insurers advise you should buy the plan ideally 10-15 days before the marriage date. As far as the premium is concerned, it depends on evaluation of individual risks. The premium is usually calculated on the basis of location, venue (outdoors or indoors), type of decoration, number of days, number of programmes (mehndi, sangeet, cocktail), and number of guests.
Mind The Gaps
Insurance experts caution that you must read the fine print of your policy document before you opt for the cover, since there are many exclusions. For instance, cover will not be applicable if the venue is a disputed one (where a court case is going) and is closed down on the day of the wedding. A marriage under pressure, criminal acts, misconduct, misrepresentation, wilful negligence, insolvency and influence of drugs or alcohol is also not covered. Further, to ensure a smooth claim settlement, you should organise ample documentary evidence to support the case such as an FIR, witness statements, fire department record (in case of a fire) and hospital reports.
Experts believe that wherever financial risk is higher, insurance is the best option to cover the financial loss. As they say, marriages are made in heaven, and sky is the limit when it comes to spending for this memorable event in India. An insurance cover can be the best solution to take care of any untoward or fortuitous events.
In India, given the sacred nature of the ceremony, people are reluctant to discuss or think negative about any mishap. In the West, however, such plans are popular on account of increased insurance awareness. In many cases, couples even get the loss of wedding ring, elaborate wedding gown not reaching on time and the expenses/ loss due to late or non-appearance of the photographer, covered.
So, if you’re planning to get married this season, don’t forget to insure the function. After all, it’s not a bad idea to start a new innings on safe grounds!
EXTRA COVER
Wedding Insurance Covers Losses If The Marriage Is Cancelled Due To Any Of These Circumstances
• Ban imposed by state/central government
• Government directive to cancel the insured event and/ or similar event(s) due to matters of national/ state importance including, but not limited to, death of dignitaries occurring
• Bandh/ civil unrest
• Non transportation/ non-availability of electronic equipment required for live media coverage of insured event caused by accident to vehicles meant for transporting the same
• Technological failure of computer(s) and its accessories, and/ or other accessories, instrumental to the recording or taping of the insured event, for accidental reasons, whether electrical/ mechanical breakdown and/ or loss/ damage to the system on account of external accidental causes, beyond the control of the insured
• Risks of fire, lightning, explosion, riot, strike & malicious damage, impact damage, aircraft damage, storm, cyclone, typhoon, tempest, hurricane, tornado, flood & inundation, subsidence, landslide (including rockslide), earthquake, burglary and theft
Customised Convenience
Wedding insurance is a customised event insurance plan that includes all specific risks related to marriage. The typical coverage includes the cancellation or postponement of wedding due to unforeseen circumstances, accident to bride/ groom, accident to blood relatives resulting in hospitalisation within seven days prior to the printed/ declared wedding date, damage to property and money in safe, burglary and public liability. For instance, if the marriage hall gets flooded or in occurrence of an earthquake, the irreversible cost of the wedding is reimbursed as per the policy terms and conditions. Further, the public liability cover safeguards you against legal liability arising towards third parties for accidents resulting in injury or damage occurring at the venue of the insured event.
In India, most insurance companies such as Bajaj Allianz, ICICI Lombard, Oriental Insurance, and National Insurance offer this product. Since the product is tailor-made, suiting individual requirements and needs, the sum insured could be of any amount depending on the requirement of the customer. There is no maximum or minimum limit to the sum insured. To ensure a smooth event, insurers advise you should buy the plan ideally 10-15 days before the marriage date. As far as the premium is concerned, it depends on evaluation of individual risks. The premium is usually calculated on the basis of location, venue (outdoors or indoors), type of decoration, number of days, number of programmes (mehndi, sangeet, cocktail), and number of guests.
Mind The Gaps
Insurance experts caution that you must read the fine print of your policy document before you opt for the cover, since there are many exclusions. For instance, cover will not be applicable if the venue is a disputed one (where a court case is going) and is closed down on the day of the wedding. A marriage under pressure, criminal acts, misconduct, misrepresentation, wilful negligence, insolvency and influence of drugs or alcohol is also not covered. Further, to ensure a smooth claim settlement, you should organise ample documentary evidence to support the case such as an FIR, witness statements, fire department record (in case of a fire) and hospital reports.
Experts believe that wherever financial risk is higher, insurance is the best option to cover the financial loss. As they say, marriages are made in heaven, and sky is the limit when it comes to spending for this memorable event in India. An insurance cover can be the best solution to take care of any untoward or fortuitous events.
In India, given the sacred nature of the ceremony, people are reluctant to discuss or think negative about any mishap. In the West, however, such plans are popular on account of increased insurance awareness. In many cases, couples even get the loss of wedding ring, elaborate wedding gown not reaching on time and the expenses/ loss due to late or non-appearance of the photographer, covered.
So, if you’re planning to get married this season, don’t forget to insure the function. After all, it’s not a bad idea to start a new innings on safe grounds!
EXTRA COVER
Wedding Insurance Covers Losses If The Marriage Is Cancelled Due To Any Of These Circumstances
• Ban imposed by state/central government
• Government directive to cancel the insured event and/ or similar event(s) due to matters of national/ state importance including, but not limited to, death of dignitaries occurring
• Bandh/ civil unrest
• Non transportation/ non-availability of electronic equipment required for live media coverage of insured event caused by accident to vehicles meant for transporting the same
• Technological failure of computer(s) and its accessories, and/ or other accessories, instrumental to the recording or taping of the insured event, for accidental reasons, whether electrical/ mechanical breakdown and/ or loss/ damage to the system on account of external accidental causes, beyond the control of the insured
• Risks of fire, lightning, explosion, riot, strike & malicious damage, impact damage, aircraft damage, storm, cyclone, typhoon, tempest, hurricane, tornado, flood & inundation, subsidence, landslide (including rockslide), earthquake, burglary and theft
