Secure Your Special Day with a Wedding Insurance Policy

Published On 28 Nov 2019 By Sakshi Aggarwal

Planning a wedding might be the most stressful event in one’s life. It requires a lot of time, effort, as well as money. But in the hassle of managing the entire event starting from the venue to bridal entourage gifts, a lot of couples forget about the importance of having liability insurance for their big day and every get together leading up to the main event. 

Insurance brokers say that weddings, bridal showers, and other social events are places where unfortunate events can occur and the hosts may be unprepared for the same. Here comes the importance of having wedding insurance that saves you from ruining your special events by offering financial help in certain mishaps. 

What is included under Wedding Insurance?

Listed below are the coverage features offered under wedding insurance-
1.Liability coverage- Loss or damage of any kind occurring from accident or injury. 
2.Physical loss: Any destruction caused to property related to the wedding because of fire, burglary, earthquake, theft, damage of jewellery, precious metals, etc.
3.Cancellation coverage: If marriage gets cancelled suddenly due to unexplained reason.
4.Personal loss: Loss of any kind to the bride or bridegroom because of an accident or any other uncertainty. 

If the wedding gets cancelled

During wedding cancellation, the insurance will cover any payments made for the following-

  • Catering
  • Venue
  • Hotel room bookings
  • Travel agencies
  • Decoration cost
  • Cost for printing wedding invites


What are the exclusions?

Listed below are the standard exclusions under a wedding insurance policy-

  • Strike or civil unrest
  • Act of terrorism
  • If the insured individual gets kidnapped
  • Major losses occurring due to wedding cancellation 
  • Policyholders unable to reach on time due to unavailability of conveyance or flight/train delay
  • Damages caused by the policy rules 
  • Any injury or death of insured individual because of war or similar situation
  • Any act of self-harm

The premium 

The premium varies with different types of insurance policies and coverage features one wishes to have. Generally, the premium lies between 0.7% and 2% of the overall sum insured during policy purchase. The Chief Operating Officer of Future Generali India Insurance, Dr. Shreeraj Deshpande shares, “Average sum insured varies from INR 1 Crore to INR 6 Crores, the premium would be in the range of 0.50% to 0.75% depending on section-wise sum insured, outside India locations always come with a higher premium as the cost of the overall wedding increases”.

How to make a claim?

1. Immediately notify the insurance company in case of any uncertainty. 
2. Get an FIR filed for the mishap and submit its copy to the insurance company.
3. Fill the insurance claim form in order to claim money for an incurred loss.
4. A representative of the insurance company will be sent to the wedding location to recheck the facts.
5. If found authentic by the representative, the policyholder will be compensated as promised. If not, the claim request will be rejected.
6. The insurance company may pay directly to the venue or vendor.
7. In case the policyholder is dissatisfied with the settlement money, then he/she can re-claim the exact money. He/she can even go to court and fight for the disputed sum of money. 

Companies that offer wedding insurance in India-

Things to Remember

  • Provide all the required information including the number of guests, venue of the marriage, and other information correctly to the insurance company.
  • Keep a copy of documents like copy of the policy, original documents, FIR, etc. with you before making any claim.
  • Only the money of wedding insurance claim will be settled in 30 days from the date of incident. 
  • The insurance company will only pay within the sum insured limit.
  • Only loss or damage to the jewelry gifted by in-laws will be covered.
  • Check with the vendor/caterer in case he has a cover plan and see what can benefit you. Otherwise, don’t take the insurance product again.
  • Keep with yourself all the bills, bonds, pictures, certificates, etc. to make a claim.
  • Always go through the policy details before purchasing any insurance product.  

Considering a lot of risks and huge financial investment you are making for your wedding day to be the perfect one, wedding insurance must be the best one to take. 

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