Wedding Insurance Overview:
Marriage is one of the most auspicious events in life that marks the beginning of a new phase. The ceremonial part of the wedding brings together friends and family to create the most pleasant experience. A marriage ceremony also means considerable expenditure on the personal front depending on how you would like to plan the events leading to the nuptial day. On the flipside, one cannot rule out uncertainties during this time which has the potential to inflict huge losses on the parties involved.
To protect yourself against monetary losses and to cover major risks that have the potential to disrupt the marriage event, it's important to have a cover that shields us from monetary losses in case of a disruption leading to cancellation or postponement of the event. Natural and manmade perils have the potential to inflict damage to personal or public property.
In marriage events where there are plenty of open risks, it makes sense to cover it by means of a Wedding Insurance Policy which offers to shield you against a plethora of open risks.
Benefits of Wedding Insurance:
- The scope of cover includes cancellation of the wedding event due to natural and manmade perils which includes damage to property or injury/death.
- Offers cover on the “Public Liability” front where injury/damage as a result of accident at the event venue during the policy period.
- Damage caused to property due to natural and manmade perils and includes the temporary set up, jewellery and others.
- The Personal Accident cover offers compensation for pre-declared individuals against disablement and death.
Marriage Insurance Covers:
1) Cancellation/postponement of the wedding event due to the following reasons.
- Earthquake/fire and other perils at the venue of the event.
- Theft or Burglary
- If the person(s) named under the policy does not appear for the wedding event due to death, personal injury, hospitalization 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, advance paid for decorations, hotel reservations/travel tickets and so on.
2) Physical loss or damage to the property insured under the policy. The scope of cover is as follows.
- Earthquake & fire (related perils included)
- 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.
- Persons named in the policy which includes blood relation would be covered against accidental death.
- Permanent total disability and 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.
Wedding Insurance Standard Exclusions:
- Cancellation of the marriage event due to bandh or civil unrest is not considered for compensation.
- Acts of terrorism.
- The person(s) covered under the policy is/are kidnapped.
- If the claim made is with regard to persons not reaching the venue on time due to unavailability of transport services.
- Consequential losses due to cancellation of the wedding event.
- Damage caused to the property by the insured member or his/her associates on the basis of directions issued by the member.
- Death or injury caused to the persons insured due to war or war like situation.
- Self inflicted injury or suicide.