Any unforeseen circumstances such as fire or cancellation of the ceremonies can leave you financially and emotionally damaged.
From dresses to food, marriages are an overload of grandeur in every way in India. Most people save up through their entire lives to throw a wedding party, as it is one of the biggest events in anyone’s life. However, it’s surprising how people often don’t feel the need to insure such expensive events.
Any unforeseen circumstances such as fire or cancellation of the ceremonies can leave you financially and emotionally damaged. To protect against such losses, it’s important that you secure yourself against vulnerabilities along with the cost you incur for the wedding.
We here discuss the various aspects of wedding insurance and circumstances covered under it.
Circumstances covered under wedding insurance
The terms and conditions offered by different insurance companies are different and so make sure you read about the inclusions and exclusions carefully before you pick a product. Also make sure you understand your needs and purchase the one that suits you. Let’s take a look at the circumstances covered by wedding insurance.
Cancellation of event: If a wedding gets cancelled due to a mishap or death in the family, insurance companies cover the cost incurred on printing of card, distribution, part payment to caterer and other vendors, buying of jewellery and expenses in decoration of venue. However, events covered under this vary widely and hence, buyers should look at individual insurers to check for events that are covered. Sometimes, postponement of the ceremony can cause loss to the third parties involved and are thus covered under the insurance policy. Events such as terrorism and war are also covered under this category.
Accidents at the venue: People named under the policy, which include blood relatives, are covered under accidental death. However, accidents due to negligence are not covered.
Theft and burglary: Jewellery, stones and precious metals are in galore at weddings and these valuables are often exposed to the risk of theft and burglary. Wedding insurance covers gifts and valuables against any such mishap.
Exclusions in the wedding insurance policy
While most insurance products provide financial cover for unforeseen circumstances, they can’t be relied upon to bail us out in all cases. Here are some of the incidents excluded from the policy.
Damage caused to property due to mishandling of power equipment, lights, or even electronic equipment is not covered under the insurance.
A few insurance companies may not provide compensation against cancellation of event because of political unrest such as bandh or riots. Do watch out for the excluded items before taking insurance.
Process for filing claim
Filing for wedding insurance includes duly filling out of the claim process form, mentioning the date and time of the event, submitting identity proof and other related policy documents to the insurance company.
You don’t want to be running around trying to figure out what is covered and what is not at the face of a mishap. It’s important that you go through the details of a product before you purchase it. Wedding insurances are offered by almost all insurance companies and you must compare the prices, features, coverage and the claim process to identify the right product.
While we understand wedding is considered auspicious in India and no one wants to think that it can go wrong, we think it’s a must to buy insurance and the premium is only a fraction of the total cost.
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First Published on Dec 1, 2016 07:20 pm