The Buyt Desk
A wedding is a milestone in the journey of life. People go all the way out to make it memorable and a grand ceremony. From booking a venue, caterer to the event management team, transportation, everything stays on the list. Weddings are once in a lifetime events when there is no cost-cutting. But a pandemic like Coronavirus has taught us the unpredictability of life. Any incident can hit a meticulously planned event and take away its sheen. The same could happen with a wedding too. The wedding insurance turns into a saviour in such a critical time. It protects individuals from eventualities and gives a sense of relief. Let us see what wedding insurance is, what benefits it offers, and its other aspects.
What Is Wedding Insurance?
Last moment cancellation of wedding arrangements might entail hefty monetary and physical loss. To avert this, the insurance companies have now come up with a new product: wedding insurance. It is a great way to overcome losses that happen due to natural disasters, event cancellations or theft in the wedding. It covers the following things-
Liability Coverage – It covers any loss or damage caused to the third party during the event because of reasons such as injury, accident, theft, etc.
Cancellation Coverage – If the wedding gets cancelled because of unexplained reasons, this part covers the damage.
Damage to Property – It covers the damage caused to the property during the wedding.
Personal Accident – It provides medical coverage to the groom and bride because of an accident.
Wedding insurance provides an array of coverage in the situation of burglary, theft or loss due to fire. The insurance covers the below-listed expenses when a wedding gets cancelled.
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It covers money given to the caterer as an advance
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Advance paid for the venue
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The advance paid to the travel agency for the transportation arrangements
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The advance payment for hotel booking
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Invitation cards printing cost
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Advance payment made for decoration and other arrangements
How Does Wedding Insurance Work?
The wedding is a one-time event in life. The cancellation of a wedding means a loss in many ways. The wedding insurance can’t cover the emotional loss but surely it can compensate for the financial loss. Here is the step for applying and claiming wedding insurance:
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Check all the requirements and select the best-suited wedding plan
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Submit all required documents along with the insurance form
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The insurance company verifies details and fixes the premium
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In case of event cancellation due to any reason, the beneficiary party will inform the insurer
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After investigating the claim, the insurance company settles the claim
The insurance companies offering wedding insurance service claims to settle the insurance claim within 30 days of the incident, provided the beneficiary has to clarify everything within this period.
What Are The Advantages Of Wedding Insurance?
The key benefits of taking wedding insurance are the following:
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The premium paid is low. It is between 0.7 % to 2 % of the insured amount.
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Insurance service providers offer customized packages. The beneficiary can go for the primary event or take the combined package.
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Some insurance companies also offer public liability coverage. It takes care of incidences like food poisoning.
What Is Not Covered In Wedding Insurance?
The wedding insurance covers most of the things with a few exclusions like –
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One cannot claim wedding insurance for a terrorist attack
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Civil unrest or strike
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Wedding cancellation
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Groom/bride kidnap
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Loss of belongings of wedding guests
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Unavailability of wedding venue because of any reason
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If the bride/groom is unable to reach the wedding venue because of flight delay or vehicle breakdown
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Damage of wedding venue on the instructions of the beneficiary
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Damage to the wedding venue caused due to mechanical, electrical or time breakdown.
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Damage to property due to negligence or wrong supervision
