WEDDING INSURANCE

WEDDING INSURANCE

Introduction:

The idea of Marriage Insurance is not new. In fact, its roots go back to the

very beginnings of insurance in Elizabethan England. As early as 1664,

insurance policies were being written on marriages, births and even

christenings. Unfortunately, most of these policies were written as a form

of wager and England banned the practice in 1712. No form of marriage

insurance policy has been written since.

Marriage itself is a forward looking and optimistic event. It’s a time when

outlooks all seem bright and dreams are in the making. And historically,

marriage has been the cornerstone of civilized society.

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Marriage Insurance policies are designed specifically to offer financial

protection to couples planning a wedding against losses resulting from

unforeseen circumstances. This form of general insurance covers damage

to your wedding attire or photographs, expenses related to last minute

bookings and loss of gifts, among other things. Most policies also cover

losses due to the cancellation or postponement of the wedding on account

of bad weather, illness, military deployment, sudden death or acts of

terrorism.

Weddings usually involve massive expenses on invites, food, catering,

attire, florists, musicians and other service providers. Most of this money is

lost in the event of any delay or cancellation of the event. This money can

be recovered with the help of wedding insurance.

What Is Wedding Insurance?

Basically, wedding insurance protects a couple's investment from circumstances

beyond their control, and reimburses expenses incurred. For example, what if your

limo driver doesn't show up and you have to book another one the morning of the

wedding -- for three times the price? Or what if the groom's custom-made tuxedo is

lost in airport baggage, and he has to buy a new one the day before the wedding?

What if your reception space goes out of business a month before the wedding, and

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you lose your deposit and have to book another space? These are the types of big-

day financial losses that wedding insurance can help to protect.

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WHY GET WEDDING INSURANCE?

Consider these scenarios:

Janet and Dan spend months planning their winter wedding. But on wedding day,

their reception site is made inaccessible by an ice storm. With the right wedding

insurance policy, the couple can postpone their wedding and receive every penny

they lost (less the deductible) -- including money for the invites, cake, catering,

attire, and non-refundable deposits for ceremony musicians, floral designer, and

other vendors.

The bride's father is injured in a car accident just before the wedding and cannot

travel. If the couple has to postpone their wedding, with wedding insurance they

could be paid back their expenses to enable them to have the wedding when the

father recovers.

Right before the ceremony, Brittany's gown catches a gust of wind. Unfortunately,

the tulle dances right over to the end of Uncle Howard's cigar and the dress

instantly goes up in flames. Fortunately, the right insurance policy covers the

replacement of the veil and gown.

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HOW MUCH DOES WEDDING INSURANCE

COST?

A basic insurance policy that covers loss of photos, videos, attire, presents, rings,

and deposits usually costs anywhere between $155 and $550, depending on the

amount of coverage you want. General liability insurance, which covers up to

$1,000,000 for accidents, costs around $185.

The price of wedding insurance cover very much depends upon the insurance

package or plan taken out. Competitive wedding insurance cover starts from less

than £50. For this price you can expect a comprehensive policy that covers the

bride's dress, photographs, loss of rings, postponement of wedding due to illness or

accident, and cover for loss of the reception venue. If you are hiring a wedding

marquee for the main event and/or the reception you can get insurance coverage

for that too.

Higher levels of cover are available, and include comprehensive health and illness

cover for bride and groom, as well as extended cover for illness to immediate

family and the main wedding party. The highest level of insurance cover costs less

than £200.

Buying wedding cover brings you peace of mind and allows you to approach your

special day with confidence. You can obtain a wedding cover quote online and buy

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your policy online too. It really couldn't be easier. When you think about the

amount you and your family are investing in your wedding day, don't you owe it to

yourself to buy wedding insurance cover?

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WHEN SHOULD YOU GET WEDDING

INSURANCE?

The sooner the better. Let's say you put a deposit on your wedding reception hall

12 months prior to your wedding date and then it burns to the ground a few weeks

before the big day. With wedding insurance, you'll be sure to get your deposit

back. But note: most insurance companies have limitations on how far in advance

you can purchase insurance.

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What Does Wedding Insurance Cover?

Problems with the site, weather, vendors, key people, sickness, or injury are the top

concerns come wedding day. There is usually a specified maximum amount, which

can be claimed under each section, and a deductible also applies. Be sure to find

out the details of your insurance plan.

Site:

Check to see if your ceremony and reception site is already insured. If it's not,

wedding insurance can cover the cost arising out of unavoidable cancellation (such

as damage or inaccessibility to the ceremony site), if your reception hall is unable

to honor your reservation because it has burned in a fire, experienced an electrical

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outage, or just plain closed down. Sometimes this policy covers the rehearsal

dinner site, too.

Weather:

Any weather conditions which prevent the bride, groom, any relative whose

presence at the wedding is essential, or the majority of the guests from reaching the

premises where the wedding is to take place. Insurance covers rescheduling the

wedding and all the details involved -- such as ceremony flowers, tent rental, and

reception food.

Vendor No-show:

What if essential wedding people -- the caterer or the officiant, for example -- fail

to show up? A wedding insurance policy usually covers cancellation or

postponement of the wedding for these reasons.

Sickness or Injury:

Wedding insurance may also include sickness or injury to the bride, groom, or

anyone essential to the wedding.

Military or Job:

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It's true, military personnel may be shipped out at a moment's notice. Wedding

insurance can cover postponement of the wedding due to the bride or groom

suddenly getting called to military duty. This can also apply to a last-minute

corporate move -- i.e. the bride's company suddenly relocates her to another city.

A range of competitive wedding insurance plans are available in the UK. Costs

vary with provider and are dependent upon the level of cover required. Typically,

you'll have a choice of cover options that will include some or all of the following

elements…

Wedding Cancellation

Wedding Reception Cancellation

Honeymoon cancellation

Damage to wedding attire (hired or purchased) for the main wedding party

Loss of wedding rings

Loss or damage to the wedding cake

Loss or damage to the flowers

Failure of wedding transport and cost of replacement transport

Loss, damage or theft of wedding presents/gifts

Failure of any wedding supplier

Failure of the professional photographer and his/her equipment

Failure of the professional videographer and his/her equipment

Public liability

Cover for legal expenses and disputes with suppliers

Stress counselling

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Additional Coverage

Couples can take out supplemental policies to defend against damages incured by

other wedding-related items such as photography, videography, and gifts.

Photography:

Some policies pay to retake the photographs after the fact if the photographer fails

to appear or the original negatives are lost, damaged, stolen, or not properly

developed. Some policies will pay to re-stage the event -- with the principal

participants so that pictures can be retaken. A policy may also pay costs for

rehiring a photographer, buying a new wedding cake, and new flowers.

Videographer:

When a videotape produced by a professional videographer is damaged (he or she

used faulty materials for example), a policy usually pays a certain amount to have

either a video montage created, a video compilation made of the photographs and

other wedding memorabilia, or, if possible, a retaking of the official video at a

restaging.

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Gifts:

Whether they're mailed to your home or handed to you on your wedding day,

valuable items like gifts are something else you might want to consider insuring.

Think about a party crasher lifting unattended presents from your reception. Gift

coverage pays to repair or replace non-monetary gifts that are lost, stolen, or

damaged. A police report is usually required for stolen gifts. The damage or theft

generally has to take place within a limited time period (ranging from 24 hours to

seven days depending on the specific policy) before or after the wedding, in order

to be covered.

Attire:

This coverage pays to repair or replace the bridal gown or other special attire when

it is in your possession and is lost, stolen, or damaged (including financial failure

of the bridal store). Special attire usually includes the clothing and accessories

bought or rented that are to be worn by the bride, the groom, and attendants at the

ceremony.

Personal Liability:

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Personal liability covers bodily injury or property damage caused by an accident

that occurs during the course of the wedding (your best man trips and falls on his

way up to the mike to roast you or Uncle Murray suffers a Harvey Wallbanger wall

banger).

Medical Coverage:

This covers reasonable medical expenses (up to the policy's limits) for each person

who is injured during the covered events from a cause of loss, which would be

covered by your personal liability.

Honeymoon:

Your honeymoon can cost as much as a new car. But before buying travel

insurance to protect your investment, see if your credit card and/or homeowner's

policy covers you if your luggage gets lifted, your trip is delayed, or you have to

cancel. If not, you can a buy separate, trip-only policy. Call your insurer, or ask

your travel agent for details. Also, certain wedding insurance packages include

optional travel insurance for your honeymoon.

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Wedding Insurance Doesn't Cover...

A change of heart. In other words, cold feet don't count.

Watches, jewelry, or semi-precious gemstones or pearls (even if they are attached

to clothing) may not be covered.

While your wedding rings may be covered by the policy, your engagement ring

probably will not.

Circumstances under which claims can’t be made:

If the marriage is against the law means child marriage, or forcefully

marriage.

Marriage will not take place because of any valid reason.

If the member under policy nomination have some criminal background.

If the marriage is not performing because of the any fight from both the

sides.

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What if wedding dress develops some

problem?

The insurance policy provides succour.

Did you lose your wedding photographs or damaged them by mistake? Now, the

insurance company arranges a special get-together, where cameras can go clicking

again. If the musicians fail to turn up, the policy comes into play.

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Losses Covered if Marriage is Cancelled

Wedding insurance covers losses if the marriage is cancelled due to any of

these circumstances:

Ban imposed by state/central government.

Government directive to cancel the insured event and/ or similar event(s)

due to matters of national/ state importance including, but not limited to,

death of dignitaries occurring.

Bandh /civil unrest.

Non transportation/ non-availability of electronic equipment required for

live media coverage of insured event caused by accident to vehicles meant

for transporting the same.

Technological failure of computer(s) and its accessories, and/ or other

accessories, instrumental to the recording or taping of the insured event, for

accidental reasons, whether electrical/ mechanical breakdown and/ or loss/

damage to the system on account of external accidental causes, beyond the

control of the insured

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Risks of fire, lightning, explosion, riot, strike & malicious damage, impact

damage, aircraft damage, storm, cyclone, typhoon, tempest, hurricane,

tornado, flood & inundation, subsidence, landslide (including rockslide),

earthquake, burglary and theft.

Exclusion

The things which wedding insurance doesn’t covers should be kept in mind

before taking the policy.

The insurance policy cannot be claimed if dispute arises between

two families. There are a whole lot of exclusions, which prevent a wedding

insurance claim from being accepted. A marriage under duress, criminal

acts, misconduct, misrepresentation, willful negligence, insolvency and

influence of drugs or alcohol are sufficient to exclude a policy.

Nuclear perils, radioactivity, war and war-like perils also come under

exclusions. The fine print has to be read because damage to electricity

through short-circuits or self-heating deprives you of policy benefits.

The wedding insurance policy does not cover 'cold feet', that is,

when the bride and / or the groom change their mind at the wedding venue.

Also nothing can be done if bride and groom decide to run away!

Nevertheless, you should find the wedding insurance bug catching on...

There is just too much expense and value involved for that not to happen.

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Dispute between marriage parties

Criminal acts

Willful negligence

Criminal misconduct of the bride, bridegroom or their parents.

Policy for customer’s convenience

If one is considering taking a wedding insurance, then they need to know that it

is not listed as a separate product, but is available in the form of an event

insurance product, which can be customized to suit the needs of a wedding.

Most insurance companies have coverage for a range of situations divided into

five or six categories that would need to opt for while taking the policy.

It includes all specific risks related to marriage. The typical coverage includes

the cancellation or postponement of wedding due to unforeseen circumstances,

accident to bride/ groom, accident to blood relatives resulting in hospitalisation

within seven days prior to the printed/ declared wedding date, damage to

property and money in safe, burglary and public liability.

For instance, if the marriage hall gets flooded or in occurrence of an

earthquake, the irreversible cost of the wedding is reimbursed as per the

policy terms and conditions. Further, the public liability covers

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safeguards policy holders against legal liability arising towards third

parties for accidents resulting in injury or damage occurring at the venue

of the insured event.

In India, most insurance companies such as Bajaj Allianz, ICICI Lombard,

Oriental Insurance, and National Insurance offer this product. “Since the

product is tailor-made, suiting individual requirements and needs, the sum

insured could be of any amount depending on the requirement of the customer.

There is no maximum or minimum limit to the sum insured,” says Rajive

Kumaraswami, head, reinsurances and financial institutions group, ICICI

Lombard.

To ensure a smooth event, insurers advise that one should buy the plan ideally

10-15 days before the marriage date. As far as the premium is concerned, it

depends on evaluation of individual risks. The premium is usually calculated

on the basis of location, venue (outdoors or indoors), type of decoration,

number of days, number of programmes (mehndi, sangeet, cocktail), and

number of guests.

In this case, expenses ranging from printing of cards, advance given for

booking the venue, to the caterer, the decorator as well as the amount shelled

out towards advance room and travel bookings will be compensated, subject to

maximum sum insured.

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Insurance experts caution that customer must read the fine print of the policy

document before they opt for the cover, since there is much exclusion. For

instance, cover will not be applicable if the venue is a disputed one (where a

court case is going) and is closed down on the day of the wedding.

Marriage under pressure, criminal acts, misconduct, misrepresentation, willful

negligence, insolvency and influence of drugs or alcohol is also not covered.

Further, to ensure a smooth claim settlement, customer should organise ample

documentary evidence to support the case such as an FIR, witness statements,

fire department record (in case of a fire) and hospital reports. Before deciding

to go for the insurance, there are formalities that the customer needs to

complete. The companies need details of all the expenses, with proof and

receipts of the things the person seeks to cover. This also includes valuation

certificates for jewellery. Also, the blood relatives to be covered under personal

accident policy need to be specified.

Proof of Expenses:

Another aspect that adds value is that one needs to keep proof for their

expenses such as bills, invoices and booking receipts as well as valuation

certificates in the case of jewellery, as one may be asked to furnish these

depending on the cover that they opt for.

Policy holder should make it a point to choose the covers carefully as well as to

keep an eye out for exclusions. Remember that all policies are not uniform and

hence, a peril such as terrorism which is included under one type of cover may

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not be valid under another cover or in an insurance policy offered by another

company.

Compare wedding insurance

Different insurance companies have different coverage for their policies so

the policy holders should be aware of all the companies providing the

wedding insurance and the risks covered therefore they should prepare a

comparative study of the wedding insurance provided by different general

insurance companies.

Wedding insurance can protect losses and liabilities related to a

wedding, especially when wedding is expensive.  Comparing wedding

insurances is critical for couples who want to save on their wedding

insurance quotes.  Couples can compare wedding insurance policies first by

checking if their insurance company covers weddings, although some firms

call it differently like ‘Private insurance’.

Policy prices can differ according to the rates of the insurance

company and the extent of the coverage. The lower priced coverage can go

as low as and as high as, depending on the things that a couple would want

insured.  In deciding the type of wedding insurance coverage, couples

should look at the elements of their wedding that may need protection from

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potential losses or liabilities. If a couple trusts the person, then there may

be no need to include the person in the wedding coverage policy.

Working with an insurance agent can work wonders for couples who

want to compare wedding insurance policies. An insurance agent can

provide expert advice on which areas of the wedding need protection such

as medical coverage to cover instances when a person gets hurt during the

affair, or protection versus stolen things such as gifts and wedding dress. 

Couples may also consider getting protection against losses in case their

wedding venues close shop, or cancellation fees in the event that the

wedding is canceled due to weather conditions.

Couples should make sure that they understand the details of a

wedding insurance policy first before purchasing one. Typically, an

insurance agency allows a couple to purchase a wedding insurance policy

once they have made one financial commitment related to their wedding

such as purchase of wedding rings. Once they have made such financial

commitments, they can then start to compare wedding insurance policies of

different insurance providers.

For getting wedding insurance policy the policy holder has to follow

some simple procedure i.e. First of all the customer has to fill up the form

of the company from which he is going to hire the insurance policy. This

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includes name, address, wedding place and the phone numbers also. All the

columns of the form and the photographs of the beneficiary members have

to be pasted. The policy holder has to submit the invitation card of wedding

along with their photographs i.e. of bride and bridegroom.

The "Named Insured" is the person in whose name the policy was

purchased. This is often either the bride or groom, but you might also want

the Named Insured to be the parent or other family member of the bride /

groom, if that person has signed a contract with the venue, or has a

significant financial stake in the wedding. The bride, groom, and Named

Insured would all be protected under the policy.

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Buying insurance to save tax?

Beware

The money kept in safe also comes under insurance policy. It extends to the day

after nuptials too. Burglary of valuables is covered for one day after the marriage,

as it is assumed that people stay back the night after wedding.

However, many insurance firms, in wedding policies coin the term "excess,"

asking you to pay a certain amount.

For example, if a cancellation policy is bought, a 2 per cent of claim, or the

minimum being Rs 15,000 has to be paid up.

Property risk cover means 1 per cent of claim, has to be rendered, with minimum

being Rs 10,000 and money in safe protection cover also means 1 per cent of the

amount to be claimed is to be shelled out, with Rs 10, 000 as minimum amount.

The compensation for wedding insurance comprises expenses, securities and

advances based on actuals. The loss of roperty is calculated on actuals and perils.

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Subsidiary marriage functions can also be part of policy, when applying. The

protective cover is thrown around from within 7 days of marriage, generally and

continues till midnight, day after marriage.

These nuptial knots!

A wedding insurance claim to be cleared, must give a proper break-up of items

always. Where there is damage to property, the amount lost in decoration, sets,

hiring charges must all be mentioned. In case of jewellery, the strange part is that

ornaments given by relatives and in-laws only are covered.

The valuation certificates are also to be submitted and shop bills shown. All

relatives should be informed about the requirement, so that documents are

procured.

More contractors mean more premiums. Limit the number to cut down on

insurance expenses.

A unique situation like the bride or groom-changing mind, at wedding venue may

occur. Would insurance be still paid? No. The wedding insurance policy dubs it as

"cold feet."

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What happens, when wedding parties start

disputes?

The insurance policy cannot be claimed.

There are a whole lot of exclusions, which prevent a wedding insurance claim from

being accepted. A marriage under duress, criminal acts, misconduct,

misrepresentation, willful negligence, insolvency and influence of drugs or alcohol

are sufficient to exclude a policy.

Nuclear perils, radioactivity, war and war-like perils also come under exclusions.

The fine print has to be read because damage to electricity through short-circuits or

self-heating deprives you of policy benefits.

Once, a wedding dress had to be kept in hold of aircraft, but suffered damage. The

insurance company did not pay the money because it came under "travel", not

wedding. In which case you can attend your own wedding wearing a jeans and a

jacket!

Fork out the premiums

The premiums for the wedding insurance are small, considering that expenditure

may touch a few lakh rupees.

Public sector insurance companies, may for a sum assured of Rs 5 lakhs charge

0.50 to 3.25 per cent as premium, while private companies for a sum assured of Rs

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2 lakhs ask for premium of Rs 3,770 and for sum assured of Rs 8 lakhs, charge a

premium of Rs 14,276, generally.

There may be a provision for taking wedding insurance, only for select items. For

example, if you choose to opt for burglary protection only, premium works out to

Rs 300, if money in safe is chosen, premium amounts to Rs 200 and if public

liability risk is settled for, the premium can be Rs 1,000 also.

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Wedding insurance smoothes the path to the

altar

Article

Severe weather, no-show caterers, lost deposits, damaged bridal gowns, lost

wedding rings and stolen gifts are just some of the things that can go wrong on a

wedding day. While you may not want to even think about potential wedding-day

disasters, you can buy insurance for them.

According to The Knot, one of the Internet’s top wedding-planning Web sites, the

average wedding today costs $27,000 and more in large urban areas. You may be

plunking down 20 percent or more in nonrefundable deposits to all your wedding

vendors.

Insurance is meant to protect against life’s disasters and weddings are no

exception. Your home insurance may offer some limited liability coverage, but to

be covered for things like severe weather or damaged bridal gowns, you’ll need to

purchase wedding insurance.

According to the Insurance Information Institute (III), wedding insurance can cost

between $125 to $400, depending on the amount of coverage you buy. Some

policies have deductibles you must pay before insurance kicks in. Here are the

three major wedding insurance providers and their plans.

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1. Travelers Wedding Protector Plan

Travelers Insurance offers a Wedding Protector Plan that covers expenses

associated with postponing a wedding due to severe weather (like a hurricane). It

also covers lost or damaged bridal gowns and groom tuxedos, mishaps with event

photography, no-show vendors, lost or damaged wedding bands and a sudden

illness or death that prevents the bride, groom or parents from attending. It also

covers postponement expenses if the groom or bride has to withdraw for military

leave.

Coverage generally provides reimbursement for “nonrecoverable expenses” such

as lost deposits. Or, in the case of ruined photos, the policy pays for your wedding

party to reconvene for new pictures. This policy does not have a deductible. A

typical wedding insurance policy from Travelers costs around $160.

2. Fireman’s Fund Weddingsurance

Fireman’s Fund Insurance Co. offers Weddingsurance, which covers similar

calamities, including liability for you at the wedding venue, weather cancellations,

the cost to retake photos if they are ruined and damage to gifts, jewelry and

wedding attire.

In some states, you can also buy extra coverage for heartbreak. For an additional

$95, Weddingsurance can cover the biggest disaster that could befall any wedding

day — a change of heart by the bride or groom. This coverage must be purchased

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by the person who finances the wedding (not the bride or groom) and pays to

recover wedding expenses if the bride or groom gets cold feet during the planning

stage (up to certain limits). You can also purchase coverage for expenses

associated with counseling that may be needed to deal with the emotional distress

of a canceled event.

3. WedSafe

WedSafe Wedding Insurance is underwritten by Markel American Insurance Co.

You can buy one or both of WedSafe’s plans: Wedding Cancellation Insurance and

Wedding Liability Insurance. The cancellation coverage pays for problems such as

severe weather, vendors who don’t show up or go bankrupt, damage to wedding

attire or rings, approved military leave or events that prevent important family

members from attending.

WedSafe’s Wedding Liability Insurance pays if you’re held liable for injuries or

property damage at the wedding and it’s available with a “host liquor liability” for

alcohol-related accidents. There’s generally a $1,000 deductible for property-

damage claims.

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Home insurance provides some coverage

Your home insurance policy offers you some liability protection when you’re away

from home. For example, you likely already have coverage for “necessary medical

expenses” at “a premises occasionally rented to an insured for other than business

use (such as banquet facilities for a wedding reception).”

Your wedding hall may have required you to sign a “hold harmless” agreement

stating that if a guest is injured because of a condition of the premises and sues the

hall, the liability is transferred to you. Find out the liability limit offered by your

current home insurance and/or umbrella policy.

What if there’s property damage at the wedding hall? Your home insurance

liability coverage extends only to damage done by fire, smoke and explosion. In

other words, if one of your guests smashes a light fixture at the wedding hall and

the hall owner holds you responsible, your home insurance will not pay.

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Common wedding insurance confusions

As with any insurance policy, you want to understand what you are buying. For

example, you may wrongly assume that your coverage kicks in if it rains on your

outdoor wedding. But wedding policies are meant to cover “severe weather” that

prevents most guests or the bride or groom from attending. You’d need a weather

event on the level of a hurricane or blizzard in order to make a claim.

Another common wedding-day problem, illness, is addressed by wedding

insurance to a certain extent. It covers unexpected illness but won’t cover illness

from pre-existing conditions. Check your policy for specifics.

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Wedding Insurance: New Kid on the Block

Thirty to forty years ago, a person would have thought of life insurance as an

indulgence and not a necessity. In those days, even the concept of wedding

insurance would have been scandalous. But not anymore.

With general awareness about safeguarding valuable possessions and making

arrangements for the family after one’s death ever on the increase today, insurance

products like life insurance, vehicle insurance, house insurance, medical insurance

etc. have gained immense popularity. People in large numbers are showing

interest to get insured. However, ‘wedding insurance’ is a term that is still not

heard of much in India, although, some sections of the society are slowly warming

up to the idea.

A wedding is one of the most precious moments in a person’s life. Therefore, it is

no surprise that many people want their wedding to be an affair that will be

remembered for a lifetime. They have no qualms in shelling out sizable amount of

money to ensure that each and every aspect of the wedding stands out in all

exquisiteness. Be it the wardrobe, food, music, ambiance or even the flowers,

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people insist on receiving the best in quality. This makes an Indian wedding a

tremendously pricey affair.

The families of the bride and groom go about making all arrangements with cash

flowing out of their pockets like water flowing out of a melting glacier. But rarely

do they even dare to think about precautions against eventualities. God forbid, in

case something goes wrong, and the wedding has to be postponed or canceled, the

entire amount spent is lost like water evaporating in a desert. Calamities like fire,

storm or earthquake are known to have have befallen many august occasions and

wreck havoc on the financial position of families, especially members who cater to

financing. However, little is planned beforehand to tackle such situations. In fact, it

is considered an ill omen to even talk of such things.

Thankfully today, this mindset is undergoing a slow but sure change. People are

waking up to the importance of having a back up protection for the hard earned

money they spend on the weddings. They have begun to understand and subscribe

to the idea of insuring their weddings. A couple of insurance companies in India,

namely Bajaj Allianz and ICICI Lombard, have started offering wedding

insurance, with others slowly joining the bandwagon. Mostly, wedding insurance is

offered under the umbrella of event insurance. It covers various situations wherein

a wedding might not take place as planned.

The wedding insurance offered by ICICI Lombard for instance, covers situations

like wedding cancellation, damage to property, personal accident and public

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liability. Printing of cards, advances given to various service providers like

caterers, venue, decoration and accommodation are items that get compensated,

subject to the maximum amount insured. Other assets like wardrobe of the bride

and groom, jewelery (on provision of a valuation certificate), shamiana, hired sets,

appliances given by blood relations and in-laws etc. are also ensured coverage

under this insurance. Bajaj Allianz offers wedding insurance with 4 options for a

sum insured between 20 to 70 lakh rupees. It also gives 6 types of risk coverages to

choose from, with a nominal premium from Rs.3770 to Rs.14200.

The market for wedding insurance in India is still in its nascent stage. However,

the scope of its growth is enormous, given the steep rise in prices along with

increasing grandeur of weddings. Though people do not take into mind the price

factor when spending for their weddings, they have definitely taken preventive

measures. This ensures that their money does not get wasted for a lost cause in

case things do not materialize as planned. In this respect, a wedding insurance acts

as the perfect foil for the protection they seek.

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Wedding Insurance now gaining popularity

in India!

Not many families here in India, inquire or know much about wedding

insurance available. Similar to general, automobile or health insurance,

wedding insurance policies are designed to offer financial protection to couples

and families from any unforeseen circumstances on their wedding day. We

have heard of many things going wrong at weddings, a theft or electrical

mishap at the wedding venue or the residence of one of the families is often

heard of. Considering the amount of money spent on Indian weddings it might

make sense to spend a small amount on a wedding insurance policy. Every

country has their own guidelines for their policies and policies in India are

offering the following mentioned below. In addition there are various plans for

the same cover that allow you to choose the premium for the maximum sum

assured and proportionate to your total wedding budget. There are also

customised insurance packages for big weddings that are tailor made to meet

various clients needs.

What all does wedding insurance in India cover?

Wedding Cancellation Cover – Damage of the wedding venue due to fire &

allied perils. Riots, curfew near the wedding venue. Death or accidental injury

to the bride, groom and immediate family members.

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Insured Property Protection cover – This can cover your house or your

wedding venue.

Personal accident cover –

This is for the bride, groom and immediate family.

Money Cover –

Keeping in mind large sums of money kept in the house during this wedding

this can cover theft.

Valuables Cover –

This can cover all jewelery kept at your house during the wedding.

Public Liability Cover –

This can cover the legal liability that can arise incase third party property is

damaged during the wedding or third party bodily injury caused due to

accidents/ damage to the venue and food poisoning during the wedding.

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It’s very important to buy your wedding insurance policy in advance and not

last minute so that it covers all the details and you have understood the policy

well. Once you have taken a policy, remember to keep a proof of all expenses,

bills, booking receipts, jewellery valuation certificates etc .. Do contact us for

help with wedding insurance policies in India.

The marriage insurance market at Rs 30 crore is growing 50% year-on-year

,” says Kartik Jain, marketing head of ICICI Lombard. “Consumer

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awareness is on the rise and the demand for the product would not be

restricted to any period,” he says. “We are planning to come out with a

marketing strategy for this segment,” adds RN Ghelani of Oriental

Insurance Company.

Bajaj Allianz offers to insure anything between Rs 20 lakh and Rs 70 lakh

the premium on the amount would range between Rs 3,770 and Rs 14,276.

Though there is no minimum and maximum limits for the insurance ,

Mumbai-based clients go for Rs 40 lakh and above basket, it is learnt.

According to industry sources the recent wedding of actors Abhishek

Bachchan and Aishwairya Rai was also insured by a huge amount.

Amitabh Bachchan, the junior Bachchan’s father, however, declined to

comment.

Many other weddings of Bollywood personalities were also insured. “This

segment is growing at the rate of 50% a year,” says Rahul Aggarwal, chief

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executive of Optima Insurance Brokers. He points to the fact that most

wedding counsellors these days advice their celebrity clients to go for

insurance, and over 60% of their clients agree.”

And the middle class, too, is realising the benefits. Says RK Patel, an

Ahmedabad-based businessman who has insured his daughter’s marriage

scheduled in the last week of December, “I have had a bad experience with

a marriage function where there was a theft at my cousin’s house and all

the jewellery and ornaments and other valuables got stolen. I do not want to

go through that, and don’t mind paying a premium.”

The 4Ps of marketing are applied in wedding travel packages to determine

the effectiveness of this growing air travel market strategy. If you are

planning a destination weddings or honeymoon get-away to some exotic

places, wedding travel packages can help save money.

Product:

The product is the Wedding Travel Package for a group of 10 or more

people going to a similar destination city with the desire to attend a

wedding ceremony or an after-wedding party or a commitment ceremony.

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WEDDING INSURANCE

This is good for couples who intend to transport their family or friends to a

specific destination to celebrate the wedding.

This is a very good way to save money on group travels. Not only that, the

group can also avail of amenities/perks offered by the airline specifically

for a group of ten or more people traveling together. The airfare savings

may not be that enormous but it can add up and it does help make your

travel more comfortable. Also, the bride and groom get to enjoy some

incentives for bringing their pals along.

Price:

Depending on the airline, the price of the wedding travel package could be

anywhere between five to 10 per cent discount on regular, published airfare

price or the lowest applicable air fare. The savings may not be that huge

but it is definitely cheaper compared to what one pays when traveling

alone. Also, if one has frequent flyer miles there will be more discounts to

enjoy. Discounts however do not extend to restricted fares and excluded

sale fare inventories.

Promotion:

Some airlines have complimentary wedding invitation inserts to inform out

of town guests of the discount. The information drive on wedding travel

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packages are directed towards bride and grooms/ the couples or the travel

planner.

Airlines provide perks or incentives to the travel planner such as 2,500

bonus flyer miles. Bride and groom who prearranged the discounts also get

incentives such as first-class upgrades for the couple.

Place:

One can avail of the promo by booking online or by calling the support

desk of the airline. Most airlines offer discounts for group travel that is why

it is always good to ask even if they do not advertise. Also, if the airline

does not specifically promote a wedding travel program, then one can

always negotiate for price deals that can translate to fare discounts for a

group of 10 travelers or so.

One can also book through a human travel agent or reservationist instead of

online. Let the person know the purpose of your travel and the number of

people traveling with you to be able to avail of discounts.

Group travelers can avail of discounts to any destination the airline flies to.

It is not limited to the US territories alone. It extends to their flights in

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Europe, Asia, Africa and other wonderful destinations the couple choose to

celebrate their wedding.

Objectives of the study

To known about the History of Insurance in India.

To study the Concept of Wedding Insurance.

To find out the Origin of Wedding Insurance.

To understand the presence of Wedding Insurance in India.

To know the impact of Wedding Insurance in India.

Research methodology

Primary data is collected by interviewing an officer of Bajaj Allianz

insurance company and also customer survey of 20 people is done out of

which 5 was married 15 is unmarried. And Secondary data has been

collected from books, journals, newspapers, and websites.

Period of study

The study was conducted for a time span of one month for collecting data.

ADVANTAGES OF WEDDING INSURANCE:

COSTLY WEDDINGS MEAN COSTLY CONCERNS

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WEDDING INSURANCE

Insurance of any form proves its worth only when it is used. This is

why people tend to forsake wedding insurance as they think that if the

wedding goes as to plan, what is the point of having insurance for your

wedding? In fact, it seems to be a waste of money to have an insurance

policy done!

However, this is not so, as wedding insurance covers for the most

unexpected thing that may happen to our wedding. Like for example,

suppose wedding gets cancelled because a member of our family turns ill,

the insurance covers the delay. Supposing on the day of wedding the

caterer suddenly goes out of business, or suddenly disappears, and then the

insurance refunds the deposit if the customer had paid to the caterer.

Just think,the wedding photographer accidentally drops the camera,

to expose the wedding film. The photos all end up spoilt, and it is the

wedding insurance that will bear the costs of getting the wedding party

together for a re-shoot. It is always hoped that that wedding day runs

smoothly; however, doesn’t always run smoothly. However, if one consider

the money put in wedding insurance, it is much better than the emotional

loss that they experience on spoilt wedding day. So it is better to consider

that if customer pays for wedding insurance, at least deposits made for the

wedding are compensated, to make the wedding day much more bearable.

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Naturally people will want their wedding day to be the most

memorable day of their life. However, if the worst does happen, it is the

wedding insurance that makes sure that the financial loss that one had

suffer due to mishaps of the wedding is re-cooped. This proves that the

couple that opts for wedding insurance also opts for peace of mind during

the wedding. With a wedding insurance the policy holder can rest assured

that he had done his best to make sure that their wedding runs smoothly.

Although there may be some mishaps on the wedding, but one can be sure

that he will get some financial compensation through the wedding

insurance. Wedding insurance cannot guarantee the weather, but it provides

coverage if extreme weather conditions make postpone on wedding. It even

provides coverage if the band doesn’t make it on the day of wedding.

To insure a happy wedding one must take a wedding insurance to

cover unforeseen eventualities. Wedding insurance is a relatively new

product. It provides cover for monetary losses at wedding ceremonies.

However, Wedding insurance, is much beneficial it may look, has its share

of disadvantages.

The main and most important disadvantage is that it is a one off

policy, and is of no use if it is not used on the wedding day. So if a

wedding goes well, without any problems, then one can be happy of a

memorable wedding with no untoward incidences. However, if something

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does go wrong in the wedding, then one can be happy that he had the

thought of getting some wedding insurance that at least safeguards his

deposits. Basically, the choice of a wedding insurance all boils down on

what the people are willing to do to get some peace of mind. With a

wedding insurance, people can get rid of unnecessary stress, and can have a

memorable wedding

The decision to purchase wedding insurance can be as personal as

the big event, and each couple needs to take an objective look at their own

circumstances to determine whether purchasing event insurance makes

financial and emotional sense. Couples can begin by asking themselves a

series of questions to determine their risk factors and their tolerance for

risk, which is at the heart of all decisions involving the purchase of

insurance.

Insurance of any form proves its worth only when it is used. This is

why people tend to forsake wedding insurance as they think that if the

wedding goes as to plan, what is the point of having insurance for

wedding? In fact, it seems to be a waste of money to have an insurance

policy done! However, this is not so, as wedding insurance covers for the

most unexpected thing that may happen to wedding. Purchasing a wedding

insurance policy is a wise thing to do as long as one does their research

ahead of time. Hopefully customer will never need to use it, but it's better

to have the peace of mind knowing that you have this backup in case any

unforeseen circumstances do arise.

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WEDDING INSURANCE

Policy holder can avoid taking the wedding insurance policy if they

feel that they can bear the high risk of uncertainties on the day of wedding

which may include cancellations or postpone of wedding etc. This shows

that the couple has a good financial condition. Couples or families can even

avoid taking the policy if they feel that their vendors’ i.e. caterers,

entertainers.etc will not go out of business or declare bankruptcy in the

near future. Couples can also ignore the policy of wedding insurance if

they feel that their wedding is utmost or below the average cost to make

insurance more attractive.

When Hitesh Shah got married on December 6th 2004, he certainly

didn't want to take the chance that the biggest day of his life might go

wrong. For a lot of Indian families, there's plenty at stake; the only thing

they may ever spend more on will be a house. That's why wedding

insurance is becoming popular. Says Hitesh, "My motto was safety when I

took the insurance policy, since it would financially protect me if anything

were to happen." Due to the plethora of weddings taking place that time of

the year Hitesh could not find a venue for his marriage within his city of

Ahmadabad and had to settle for a venue 25 kilometers away, which was

another worry. The place was nice, he says, but far away, in an open space

that lacked the best resources and transport infrastructure.

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That is when he thought of taking a comprehensive insurance policy,

which besides providing a cover for cancellation of the wedding, burglary,

accident of family members, covers one against any public liability arising

at the venue of the wedding to any person/property such as food poisoning

or an accident. All this for a cost of Rs 3,770. (Insuring your wedding

seems exotic, but technically speaking it's just one of a variety of specific

event policies that can financially protect you against any mishap or

contingency.

Costs incurred on weddings would usually call for advances for the

venue and the other services attached to the wedding like decorators,

caterers, hotel and travel bookings. In India, it might be considered

inauspicious to insure wedding, but perhaps there's a place for pragmatism

too, especially given how much weddings cost, not to mention their

massive importance in the average Indian social register.

As a practical consideration, it isn't all that different from buying a

car and driving it only when policy holder is protected against theft or

damage, lest policy holder have paid for it all from their own pocket. Just

as one might not insure every single household object–just the valuable

ones–they could set aside a small portion of your wedding budget to get a

less expensive policy that limits its cover to a really important part of the

wedding.

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A package policy from Bajaj Allianz General Insurance, the one

Hitesh took, offers insurance cover ranging from Rs 20 lakh to Rs 55 lakh

for a premium ranging from Rs 3,770 to Rs 14,276. The policy covers

specific areas, like cancellation/ postponement of the wedding, personal

accident cover to bride, groom or family members if something happens to

them within 7 days of the wedding, property damage due to fire and allied

perils (including residential decorations and damage to a hired venue),

burglary (especially jewellery; customer needs to mention the value, with

proof, while taking the cover), money (like cash in a safe) and a public

liability cover (protection against damage to property/persons at the venue,

such as food poisoning).

All this looks nice and safe, but there are some details to remember

before rushing off to the insurers. Wedding insurance comes with a lot of

fine print. So be sure to don't violate any of the clauses under which cover

is available, and be equally clear on what is needed to cover and how to do

it. For instance, given the amount of cash flying about at weddings, it's

worth remembering that cover is available only against verified actual and

accountable expenses (that's white money). But forget about any coverage

for couples developing cold feet, or for family feuds spiking the nuptials.

WEDDING INSURANCE GOOD IDEA OR

WASTE OF MONEY:

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Hemant and Sarika were childhood friends and had dreamt of getting

married when they grew up. Accordingly they fixed their marriage on

March 23, 2009.

All the arrangements were made and both were looking forward to

their D-day. But unfortunately on the day of their marriage, the van in

which the caterers were travelling broke down.

As a result, the guests who came for the wedding did not get pre-

lunch snacks. They were disappointed as the dream marriage they were

expecting did not turn out to be so.

So what should they have done? Could they have prevented this

calamity? Well, perhaps no but at least they could have prepared

adequately in terms of costs involved, by opting for a wedding insurance!

This is the reason why investing in best wedding insurance is

important to make sure that nothing goes wrong on this special day and

with some coverage at least there will be financial security. Different

insurance companies have different types of wedding categories. Some of

the most common ones include: personal accident,

postponement/cancellation, damage to property, burglary, money and

public danger. However, some insurance companies do offer certain

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WEDDING INSURANCE

specific categories of cover like food poisoning. In some cases the wedding

has to be called off and the loss is quite huge unless customer is secured by

wedding insurance.

With so many types of covers available, customer has to choose the

right cover carefully. For that, consult an insurance agent or request

wedding planner to help you out in selecting the right cover. Also, get the

details of every section covered in writing. Read it carefully and ask

questions if some important points are covered.

Moreover, get in writing from the insurance company, the method of

claiming money and the necessary documents required to be submitted to

make a claim. For e.g. if anybody falls ill at the marriage party, policy

holder will have to submit a doctors certificate stating the nature of the

person’s illness.

If policy holder intends to provide cover to their relatives, then the

policy holder will have to mention their names when submitting the forms

for buying the policy.

The premium of wedding insurance is quite nominal. For a nominal

premium of Rs 12,000, you can get an insurance cover of Rs 8 lakh, which

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covers all the categories of covers. But one can exclude some covers, thus

reducing your premium amount.

Ensure a perfect wedding by icici Lombard

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WEDDING INSURANCE

A wedding is one of the most important occasions that take place in a person's

life. This extravagant event demands a lot of emotions, hard work, time,

patience apart from huge amount of money that is put into it. The 'Wedding

Day' continues to be one of the most capital intensive events in ones life.

The wedding function is a one time event and therefore most of the insurance

companies in India offer wedding insurance as a part of an event insurance

product, which can be customised to suit the needs of a wedding function. All

ceremonies associated with wedding like Mehendi, Sangeet, cocktail party, the

main wedding and the reception can be covered under wedding insurance.

In the current market scenario the major coverages under a wedding insurance

policy are as below:

* Cancellation or postponement of the wedding ceremony due to fire, natural

calamities like flood and inundation earthquake etc, riot and strike non

appearance of bride, groom and other family members or the named person due

to accidental death, personal injury either temporary or permanent and illness

resulting in hospitalisation.

In case of cancellation or postponement due the above mentioned reasons the

wedding insurance will pay the non refundable expenses incurred for wedding

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function like printing of cards, advances paid for booking the venue, to the

caterer, decorators, music arrangements, hotel room and travel bookings etc.

* Wedding insurance covers the physical loss/ damage caused to property like

decoration material, shamiana, hired sets, jewellery, precious metals and

stones, gift material received during the wedding due to fire, natural calamities

like flood and inundation earthquake, riot and strike, burglary and theft.

* The bride, the groom, family members and the guests can also be covered for

accidental death, permanent partial disablement and permanent total

disablement on named basis under wedding insurance.

Wedding insurance can be tailored according to ones requirements. Before

selecting the wedding policy one should have clear idea about few points like:

* When and for how much period one needs to buy a wedding insurance

policy. One should take insurance prior to the actual start of the wedding event

and the policy should end with the end of functions to be covered. The starting

date of the policy should be prior to the first event amongst the series of events

to be insured.

* Based on the requirements one should decide the coverage required and can

also consult he insurance representative.

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* One needs to decide the value for insurance under each cover like for

cancellation or postponement cover the sum insured should comprise of non

refundable expenses incurred for wedding function like printing of cards,

advances paid for booking the venue etc.

* As an insured, one should take proper precautionary measures to avoid any

losses like one should maintain records and invoices of all expenses incurred

pertaining to the wedding, take proper precautionary measures to avoid any

losses.

* In case of an incident of loss one should immediately inform the insurance

company. One should also take the possible loss minimisation measures to

reduce the losses and leave the damaged/ destroyed items for

survey/inspection.

The premium for the wedding policy depends on various parameters like the

type of venue, its safety security arrangements, contingency plans, duration of

the whole event, the organising costs etc. In most of the cases, the premium

rate varies between 0.75 - 1.5 per cent of the total sum insured. For a wedding

budget of R 10 lakh the premium would be between R 7,500 -15,000.

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A wedding policy can be taken 3 days in advance of the wedding event. But

one should take the policy minimum 15 days in advance as the arrangements

and preparation start at least 15 days prior to the actual date of function.

The India market for wedding insurance is at a very nascent stage and is

growing as the awareness increases. The large part of the market potential is

still unexplored.

Many of us live in this myth that wedding insurance is only for a big budget

wedding or HNI's as they end up spending crores for a wedding. But that is not

true; a small or medium budget wedding which involves expenditure anywhere

between 5 to 6 lakh rupees also needs a wedding insurance policy keeping in

mind the contingencies during the event. Natural calamities and violence may

lurk in the background.

But when the option of peace of mind is available in market, one should

definitely go for it to truly make the special day more memorable for everyone

involved.

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CONCLUSLION

Malati an MBA student is about to get married very soon. Her family

has kept aside a few lakhs on the wedding. Malati feels that it is only right

for them to go in for an insurance plan, though her family is not

comfortable with the thoughts. As her father points out, “who on earth

would like to think of such things on such a happy and auspicious

occasion!”

Couples who opt for wedding insurance are opting for peace of mind

in an uncertain world. Making sure that whatever happens to them they

have done their best to insure that any problems that occur are not followed

with financial ramifications must surely make sense. Of course wedding

insurance cannot guarantee the weather or music band to perform well but

it can guarantee that if extreme weather conditions postpones the wedding

or your band never make it then financially you won’t lose out.

The most important factor for any anyone planning an event is

comfort: the knowledge that whatever happens it’s covered. Wedding

insurance policies have been developed with the benefit of long term

experience and the clear understanding that every event is unique and

special.

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