Wedding Insurance: Coverage, Claim & Exclusions

Updated: 01-10-2019 11:57:39 AM

A wedding is not just a beautiful moment, but an important milestone in the journey of life. Today people are going all out to make wedding ceremonies a memorable one. However, life is unpredictable and any unforeseen incident can strike the event. Thus, one can consider a wedding insurance to protect oneself from such eventualities.

What is Wedding Insurance?

Any calamity or untoward incident can take the sheen out of a wedding event. This may entail monetary or physical loss. To get protection from such risks and losses, insurance companies are now offering wedding insurance. Apart from certain exclusions, wedding insurance is a good way to overcome monetary losses incurred due to natural disasters or cancellation of the event or theft.

What Wedding Insurance Covers?

A wedding insurance covers the heavy expenses incurred either due to wedding cancellation or any other damage or loss. The insurance policy broadly clubs various situations under four categories. They are:

1. Liability Coverage: This section covers any damage or loss to the third party during the wedding event due to accidents or injury.
2. Cancellation Coverage: This part covers the losses due to sudden or unexplained cancellation of the wedding.
3. Damage to Property: It protects loss or damage caused to the property.
4. Personal Accident: This covers hospitalisation expenses of the bride/bridegroom due to accidents.

The wedding insurance offers coverage in case of cancellation or loss due to fire, theft or burglary. It covers the following expenses when a wedding gets cancelled:

• Advances paid to catering
• Advances paid to wedding venue
• Advances paid to travel agencies
• Advances given for hotel room bookings
• Printing cost of wedding invitation cards
• Advances paid for music and decorations
• Cost of decoration and wedding set

How Wedding Insurance Functions?

Applying for a wedding insurance is a quick and a hassle-free process. It broadly covers the loss due to certain situations that are out of your control. It cannot compensate for the emotional loss, but surely for the financial  loss to some extent. Through the following steps, you can apply for the policy and make claims when needed:

• Identify requirements and choose the most appropriate wedding plan
• Submit the required documents and a duly filled application form
• Insurance company verifies the details and determines the premium
• In case of an eventuality, the beneficiary intimates the insurer about the same
• The insurer investigates the claim and settles the same

Wedding Insurance Claim Process

In case of an unwanted event or risk during the marriage ceremony, the policyholder can claim compensation by following the below steps:

• Intimate the insurance company as soon as possible, after the eventuality occurs.
• Fill up the claim form and submit it to the insurance company with other required documents.
• A representative from the insurance company investigates the loss/damage.
• If the claim is genuine the compensation amount is paid in the beneficiary account. Else the claim is rejected.
• The insurance company may also decide to pay to the wedding venue or vendor directly.
• If the policyholder is not happy with the claim amount or the resolution, he/she can raise a dispute in the court of law.

Documents Required for Claim Process

The following documents are required to file the claim under the wedding insurance:

• Duly filled in claim form
• Photocopy of the policy
• Details of the damaged property
• List of valuables damaged/lost
• Invoice or purchase receipt of the valuables
• If there is a robbery or theft, a FIR copy
• Credit card statements, purchase dates and location details of the lost/damaged property
• Confirmation from a qualified expert, if any of the damage cannot be repaired

How Long Does it Take to Pay  Out a Claim?

A wedding insurance claim can be settled within 30 days of the mishap. Even if the insurance company needs some clarification, it has to be done within these 30 days.

Cases Where you Can’t Claim Wedding Insurance (Exclusions)

Wedding insurance covers multiple risks, but policyholders cannot claim wedding insurance for the following issues:

• Terrorist attacks
• Strike/civil unrest
• Cancellation of the wedding
• Kidnap of the bride/bridegroom
• Loss of damage to the clothing and personal assets of the wedding guests
• Unexplained or sudden unavailability of the wedding venue
• Bride/bridegroom unable to join the wedding due to flight delay
• Breakdown of the vehicle which prevents the bride/bridegroom from reaching the venue
• Damage or destruction of the wedding venue as per the instructions of the policyholder
• Damage caused to the wedding venue due to wear and tear with time, electrical or mechanical breakdown
• Property damage due to negligence or lack of supervision

Companies Offering Wedding Insurance in India

With weddings becoming a big affair, involving huge amounts, it makes sense to purchase a wedding insurance to overcome the financial losses, if any do come up. Some of the insurance companies offering wedding insurance in India are:

• ICICI Lombard
• Future Generali

Important Aspects 

To get the best out of a wedding insurance, the below facts should be kept in mind:

• Even if the expenses exceed, the company will pay only the sum insured
• The bonds, bills and certificates for valuable need to be submitted to get the compensation for loss and damage of the same
• To get the claim amount in less time, the insurance company must be provided with a clear breakup of the loss and damage
• Wedding Insurance covers only the loss or damage of jewellery gifted by relatives and in- laws
• If more vendors are engaged, the premium amount will also increase

 

Advantages of Buying Wedding Insurance

Some of the key benefits of a purchasing a wedding insurance are:

• Premium is quite economical. It is only 0.7% to 2% of the insured amount
• Insurers offer customised wedding insurance policies. The beneficiary might opt insurance only for the primary event or can go for a combined package.
• Through the public liability coverage, one can be relaxed because certain companies even take care of food poisoning taking place due to food served at the function

FAQs

Q1. How is the compensation for wedding insurance calculated?

The compensation is based on the expenses, security money and advance paid to different wedding service providers. The loss of property is based on the actuals and perils.

Q2. What is the wedding insurance policy period?

The wedding insurance policy ranges for seven days. It continues till the midnight of the next day of the marriage. 

Q3. What does ‘Cold Feet’ refer to in a wedding insurance policy?

If the bride or groom changes mind and does not want to get married after arriving at the wedding venue, it is termed as ‘Cold Feet.’ This is not covered in the insurance.

Q4. Within how many days the claim needs to be filed?

Usually, the insurance companies provide 31 days time window from the event to make the claim.

Q5. Can the insured cancel the wedding insurance?

Yes, the insured can cancel the insurance. Every insurance company comes with a different turnaround time for cancelling the policy.