Damage to assets and properties is also covered in wedding insurance.
One of the most significant days in a person’s life is their wedding day. It is an occasion that ushers in a fresh start in life while also bringing loved ones and friends together. Depending on how one chooses to organise the wedding, it also requires a significant financial outlay. However, if an unexpected circumstance arises, it can force the wedding to be called off or put off, costing the couple a fortune. Wedding insurance can safeguard one from such hazards.
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It could be a smart idea to safeguard risks by purchasing an insurance policy for a costly occasion like a wedding. Following are the preparations which are covered by wedding insurance-
Cancellation or postponement: If the wedding is cancelled, postponed, or rescheduled, it covers the booking cost and advance payments made to décor firms, food vendors, hotels, travel agencies, and entertainment artists, among others.
Damage to property/assets: It includes loss of valuables as a result of theft or burglary as well as damage from fire, explosion, earthquake, etc. to homes, wedding venues, sets, and props.
Personal accident: This refers to the unintentional partial or handicap of members or their death. This protects against any harm or loss to third parties resulting from mishaps at the wedding.
Further, some customary exclusions in a wedding policy include an unnatural source of harm, loss, injury or death caused by congenital illness, war, terrorism, kidnapping, suicide, or pollution. Similar to the above, the failure of the insured to carry out, initiate, and complete the event in the specified time owing to his or her inability is not covered. Instances like making the necessary preparations like relevant permissions, due to financial incapacity, lack of cash, defaults, etc. are not covered.
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The wedding cover lasts for the entire wedding function covering normally seven days and ends on the wedding’s last day. The premium will normally be 0.2-0.4% of the total insured and may vary depending on the quantity and kind of coverage chosen. For instance, the premium for Future Generali coverage for Rs. 40 lakh will be between Rs. 10,000 and Rs. 15,000.
Wedding insurance is not widely available in India. Future Generali, ICICI Lombard, Bajaj Allianz, Oriental Insurance, and National Insurance Company are a few of those that provide wedding insurance.
