Deets of availing a wedding insurance
Marriages are made heaven, true! But look at the present situation we have been surrounded with. There are slew of wedding arrangements getting cancelled due to the imposition of Covid curbs/restrictions etc. What if your money is stuck in arranging a wedding? I’m sure, you would be looking forward if there is an escape from this situation. So, our below piece brings you information on how you can insure a wedding. So that, if need be, your money does not get waste.
There are a host of insurance companies in the country selling wedding insurances to offer financial security ranging from wedding cancellation to theft of jewelry and sudden accident after a wedding. No one wants a wedding to be canceled or venue to be changed. Even if such a situation arises, you must ensure that there is no loss of money. And this is possible only if you get your wedding ceremony insured.
Like other types of event insurance, wedding insurance is designed to protect you from various potential losses associated with your big day. Broadly speaking, these events generally fall under liability coverage or cancellation coverage.
Wedding insurance covers
1) Cancellation/postponement of the wedding event due to the following reasons:
- a) Earthquake/fire and other perils at the venue of the event
- b) Theft or burglary
If the person(s) named under the policy does not appear for the wedding event due to death, personal injury, hospitalisation and other reasons mentioned in the policy document.
The sum insured under the policy covers costs of cards printed, advance paid to the caterer/wedding hall, and advance paid for decorations, hotel reservations/travel tickets.
2) Physical loss or damage to the property insured under the policy. The scope of cover is as follows.
- a) Earthquake & fire (related perils included)
- b) Theft or burglary
Material damage condition includes decoration costs, jewelry and stones, appliances, precious metals and others as specified in the policy document.
3) The Personal Accident cover provides the following benefits to the persons covered under the policy.
- a) Persons named in the policy which includes blood relation would be covered against accidental death.
- b) Permanent total disability and permanent partial disability is covered for persons whose name have been declared prior to availing the insurance.
4) The Public Liability cover ensures protection against injury/death arising out of accidents at the wedding venue. It also covers third party property damage.
How wedding insurance functions?
Applying for a wedding insurance is a quick and a hassle-free process. It broadly covers the loss due to certain situations that are out of your control. It cannot compensate for the emotional loss, but surely for the financial loss to some extent. Through the following steps, you can apply for the policy and make claims when needed:
- Identify requirements and choose the most appropriate wedding plan
- Submit the required documents and a duly filled application form
- Insurance company verifies the details and determines the premium
- In case of an eventuality, the beneficiary intimates the insurer about the same
- The insurer investigates the claim and settles the same
Wedding insurance claim process
In case of an unwanted event or risk during the marriage ceremony, the policyholder can claim compensation by following the below steps:
- Intimate the insurance company as soon as possible, after the eventuality occurs.
- Fill up the claim form and submit it to the insurance company with other required documents.
- A representative from the insurance company investigates the loss/damage.
- If the claim is genuine the compensation amount is paid in the beneficiary account. Else the claim is rejected.
- The insurance company may also decide to pay to the wedding venue or vendor directly.
- If the policyholder is not happy with the claim amount or the resolution, he/she can raise a dispute in the court of law.
Documents required for claim process
The following documents are required to file the claim under the wedding insurance:
- Duly filled in claim form
- Photocopy of the policy
- Details of the damaged property
- List of valuables damaged/lost
- Invoice or purchase receipt of the valuables
- If there is a robbery or theft, a FIR copy
- Credit card statements, purchase dates and location details of the lost/damaged property
- Confirmation from a qualified expert, if any of the damage cannot be repaired
How long does it take to pay out a claim?
A wedding insurance claim can be settled within 30 days of the mishap. Even if the insurance company needs some clarification, it has to be done within these 30 days.
Wedding insurance exclusions
Wedding insurance covers multiple risks, but policyholders cannot claim wedding insurance for the following issues:
- Terrorist attacks
- Strike/civil unrest
- Cancellation of the wedding
- Kidnap of the bride/bridegroom
- Loss of damage to the clothing and personal assets of the wedding guests
- Unexplained or sudden unavailability of the wedding venue
- Bride/bridegroom unable to join the wedding due to flight delay
- Breakdown of the vehicle which prevents the bride/bridegroom from reaching the venue
- Damage or destruction of the wedding venue as per the instructions of the policyholder
- Damage caused to the wedding venue due to wear and tear with time, electrical or mechanical breakdown
- Property damage due to negligence or lack of supervision
Reasons you will you get an insurance
- Advance given to caterer
- Advance money for any hall or resort booked for the wedding
- Advance given to travel agencies
- Hotel advance booking payment
- Payment given on printing of wedding cards
- For decoration and music
- From wedding venue sets to other decorations
Companies such as ICICI Lombard, Future Generali, HDFC Argo, Bajaj Allianz General Insurance are providing wedding insurance in India.
To get the best out of a wedding insurance, the below facts should be kept in mind:
- Even if the expenses exceed, the company will pay only the sum insured
- The bonds, bills and certificates for valuable need to be submitted to get the compensation for loss and damage of the same
- To get the claim amount in less time, the insurance company must be provided with a clear breakup of the loss and damage
- Wedding Insurance covers only the loss or damage of jewelry gifted by relatives and in- laws
- If more vendors are engaged, the premium amount will also increase
Advantages of buying a wedding insurance
Some of the key benefits of a purchasing a wedding insurance are:
- Premium is quite economical. It is only 0.7 to 2 per cent of the insured amount
- Insurers offer customised wedding insurance policies. The beneficiary might opt insurance only for the primary event or can go for a combined package.
- Through the public liability coverage, one can be relaxed because certain companies even take care of food poisoning taking place due to food served at the function
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