Wedding Planners Who Don’t Recommend ‘Wedding Insurance’ Are Misleading You. Here’s why?
Marriage is one of life's most auspicious events that ushers in a new stage of life. A marriage ceremony also means considerable expenditure on the personal front depending on how you plan the events leading to the nuptial day.
It is impossible to eliminate uncertainties that could cause significant losses for the parties concerned. It makes sense to cover wedding events where there are several open risks with a wedding insurance policy that offers to protect you against a wide range of open risks.
Why is wedding insurance important?
A wedding is not only one of the most significant milestones in your life but also an expensive affair. As covid has marred many wedding events, wedding insurance has become more prevalent. A wedding insurance policy covers the rescheduling or cancellation of a marriage due to natural calamities, or due to perils such as fire and burglary. It also covers the damage to the wedding venues due to any such mishap. You can also take a cover for wedding jewelry, cash, and wedding dress.
The decision has become more personal in the post covid world. But if it is a big fat wedding in grand venues, then you might want to consider the insurance.
What all is covered under Wedding Insurance
If the wedding is cancelled, postponed, or rescheduled, it will pay your deposit as well as advance payments made to décor firms, food vendors, hotels, travel agencies, and entertainment artists, among others.
It covers property loss due to theft or burglary as well as damage from fire, explosion, earthquake, etc. to homes, wedding venues, sets, and props. This includes the accidental partial or total handicap of designated members as well as their death. It protects against any harm or loss to guests brought on by mishaps at the wedding.
However, it excludes coverage for any unnatural causes of harm, loss, or death, including those brought on by hereditary illnesses, war, terrorism, kidnapping, suicide, or environmental pollution. A claim may also be rejected if the insured knew of information that could have caused losses of any type but failed to disclose it to the insurance provider prior to the policy's start date.
About wedding insurance premium
The cost of the premium, which ranges from 0.2-0.4% of the amount covered, will depend on the size and type of coverage chosen. The wedding cover lasts for the whole wedding, which is normally seven days and ends on the wedding's last day.
Insurance Companies that cover wedding insurance in India
Typically, the event planner includes wedding insurance coverage in the costs. The family may also decide to get one straight from general insurance providers. In India, wedding insurance is offered by National Insurance Company Ltd, ICICI Lombard, Future Generali, Oriental Insurance, and Bajaj Allianz.
An uninvited pandemic causes numerous weddings to be either postponed or canceled during the past two years, said Arpita Gandhi, Co-founder of WeddingLine.
She further added, “We live in a very volatile world. There is political turmoil in many parts, threats of wars in others, and nature that seems to be making its presence felt. All in all, any of these factors can affect a wedding. So, months of work and money invested can go up in smoke if it gets cancelled or postponed. You are then left with vendors and artists who have been paid, tickets that have been issued, and hospitality that was all booked with huge cancellations at stake. Hence the need for wedding insurance is rising. It protects the clients and agencies against most of these causes natural or manmade and gives us a cover to plan ahead with the least amount of financial wastage or burden. Although this is a new idea gaining ground in India, we have long been advocating the cause to clients to have insurance coverage. By law, in many countries internationally you are needed to have a mandatory insurance policy in place”.
Indian weddings are all about extravagance and everything needs to be picture perfect at weddings, stated Prerana Agarwal of Theme Weavers Design.
Talking about wedding insurance she explained, “Wedding insurance can protect you from any unforeseen circumstances such as a sudden cancellation, personal accident, or stolen gold. It can cover vendor cancellations and postponements. Also, for all the advance money paid for a wedding venue, catering, travel agencies, hotel room bookings, music, decoration, etc, it safeguards against them all. So much goes into planning a wedding- besides the emotional and physical stress, it is a massive financial investment. Right from the venue to the outfits, everything comes at a cost. So, wedding insurance is like a cover for your big day and it is always a safe bet to keep your money in safe hands.”
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