An average wedding insurance policy covers the threats from fire, theft of jewellery, clothes and other expensive things and even cancellation of wedding due to death and other untoward incident
Marriage is a singular moment in the life of a person, marking a new beginning for years. Millions of people across the world celebrate this in extraordinary ways such as selecting floral arrangements, creating atmosphere through music, preparing a celebratory meal and most importantly, choosing the perfect venue.
Wedding is a once in a lifetime event that continues to bring you joy for the rest of your life. However, even such an event can be affected with uncertainties. To ensure it is not marred by an eventuality, natural or man-made, it is advisable to have the event insured. Here’s what you should know before you buy a wedding policy.
An average wedding insurance policy covers the threats from fire, theft of jewellery, clothes and other expensive things and even cancellation of wedding due to death and other untoward incident. A wedding insurance policy covers cancellation or postponement of the wedding ceremonies due to natural calamities like fire, earthquake, cyclones and allied perils at the venue. The policy also covers burglary and theft at the venue. There are separate covers in the policy and you can opt for the one depending on your requirement.
It is recommended to extend the insurance cover to include the death of the bride, groom or certain relatives, or an injury to them that may result in their being hospitalised, in case it happens within 10 days prior to the wedding. If cash is stolen from the wedding venue, the insured will be able to file a claim only for the money that was kept in a safe. For other valuables like gold jewellery only those gifted by blood relatives or in-laws will be covered.
In most cases, the definition of blood relative only includes parents and siblings of the bride and groom. Valuation certificates, bills, etc, will be needed for jewelry, precious metals & stones to be covered. Most policies also cover liability towards third parties for accidents resulting in injury or damage occurring at the wedding venue during the policy period.
Most insurers offer the policy for seven days. The period of cover generally begins 24 hours prior to the start of the usual functions (sangeet, mehandi, etc) mentioned in the printed wedding card, till the end of the main wedding day.
The policy does not cover cancellation of the wedding event due to bandh or civil unrest. Some companies do not extend a cover if the bride or groom is unable to reach the venue due to any act of terrorism. Complete breakdown of transportation services which prevent the insured bride or groom from reaching the venue. Among the exclusions also include intentional damage to property by the insured, damage caused the insured property due to wear & tear, depreciation, mechanical or electrical breakdown.
Basis of sum insured for wedding cancellation: Expenses on the following will be covered:
- Printing of cards
- Advance payments made to venue
- Advance payments made to caterer
- Advance payments made to decorations, music, etc
- Advance payments made to hotel room bookings / travel bookings
*These are subject to a maximum of sum insured.
How to file a claim
In case of an unfortunate event, you will have to fill the claim form and submit it to the insurer. You will also have to file all the required documents such as bills and advance payment receipts, as proof of the money that you have spent. The insurer has to be intimated within 30 days of the catastrophe. The documents vary depending on the calamity. For example: in case of house theft, an copy of an FIR will be required while for lost of precious valuables like gold jewellery is stolen, you will need the bills, along with a copy of an FIR.