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Wedding Insurance: When To Take It And What Couples Should Look For

Wedding insurance provides crucial protection against non-refundable expenses such as coverage for event cancellations, jewellery theft, and more. Can you customise wedding insurance per your special needs?

Indian weddings are a blend of tradition, celebration, and significant financial investment. Whether you are planning a big wedding or choosing to keep your day minimalist affair, there can be some unforeseen challenges that can derail the event. But did you know, you can get insurance against unpredictable circumstances surrounding your W-day?

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Why Wedding Insurance Matters?

Komal spends months planning her big wedding and coordinating every detail. Apart from organising every minute detail related to the wedding ceremonies she wanted to make sure that people attending her wedding were left in awe.

She books a open-air beautiful venue and arranges multi-cuisine catering that will be offered at different stalls. What she did not factor in was an unexpected storm that made the venue inaccessible. With no provisions for refunds, the advance Komal paid for both venue and catering brought her a financial setback, affecting the well-budgeted wedding she had planned out.

In India, weddings are often seen as a sacred and momentous occasion, making any disruption particularly stressful, not just financially but emotionally as well. According to T.A. Ramalingam, chief technical officer at Bajaj Allianz General Insurance, wedding insurance provides crucial protection against non-refundable expenses such as coverage for event cancellations, jewellery theft, and more. “Even for a minimalist wedding, which might involve a smaller guest list and simpler decor, costs can still be significant, Insurance ensures that these investments are not lost to any unexpected event,” he says.

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What Can Be Covered Under Wedding Insurance?

Policies that insure your wedding typically cover event cancellations, jewellery theft or burglary, liability coverage, and property equipment damage. Under these covers the insurer often:

- Reimburse non-refundable expenses like venue bookings and catering if they are affected by extreme weather conditions.

- What is an Indian wedding without some gold and glitter? Wedding insurance will give you coverage against stolen or lost valuables such as family heirlooms and bridal jewellery.

- Accidents can happen anywhere, and during weddings, you can opt for a cover against claims related to guest injuries or third-party property damage.

- A good insurance policy can provide you coverage for grand set-ups at weddings and even cash meant for expenses under damage or theft cover.

What should couples look for in wedding insurance policies?

Says Ramalingam, “When selecting a wedding insurance policy, couples should look for comprehensive coverage that addresses potential risks and unforeseen events that could impact their special day. One of the most important aspects to consider is coverage for event cancellation or postponement.” These covers would ensure protection in case the wedding is cancelled due to extreme weather conditions like unseasonal rains, storms, hailstorms, or other natural disasters that can render the venue unusable.

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Couples should also check for coverage that protects against jewellery theft or burglary, particularly for valuable bridal jewellery, which is a common target during weddings.

“In addition, couples should consider public liability and personal accident coverage, which can protect them in the event of guest injuries or damage to third-party property during the wedding,” he adds. For larger weddings, some policies also offer protection for stage or set damages and stolen cash meant for wedding expenses.

Ramalingam informs that some policies may even cover cancellation due to the death of a family member.

What are the exclusions?

It is important to be aware of exclusions when you are considering a wedding insurance policy.

“Most policies do not cover pre-existing conditions or circumstances known before purchasing the policy, and cancellations due to personal disputes between the bride, groom, or their families are typically excluded,” Ramalingam states.

By understanding both the coverage and exclusions, couples can ensure they choose a policy that provides the necessary protection for their wedding day.

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Can you customise wedding insurance per your special needs?

Yes, wedding insurance can be customised to cover special needs, such as destination weddings or outdoor weddings that may be impacted by weather.

According to Ramalingam ‘Event insurance’ is a comprehensive policy with multiple sections designed to protect various aspects of an event, including weddings. Under the same,

1) The Event Cancellation section provides coverage if the wedding is cancelled due to unforeseen circumstances like natural disasters, strikes, or riots.

2) The Liability section protects against claims related to bodily injury or property damage caused during the event to the third party.

3) The Property section covers damage or loss of wedding-related property such as equipment, sets, or decorations.

4) The Money section safeguards cash and valuables against theft or burglary

5) The Event Personal Accident section offers compensation for accidental death or disability to crew members.

Moreover, if the event is cancelled due to any national exigency such as the president's death or a curfew imposed by the government, the insured is financially protected for its non-refundable expenses.

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“Additionally, if the event is conducted virtually, and if during the event, the virtual event is cancelled due to equipment failure or fire and its allied perils, the insured is financially protected for its non-refundable expenses,” Ramalingam informs.

Wedding insurance would act as a safety net, offering you financial protection for non-refundable expenses against a range of unforeseen situations. However, it is important to understand all the coverage and exclusions a policy offers when you are choosing one.

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