In such a case, if there is an untoward event during the wedding, it will become a very expensive proposition. Untoward events can be any like a fire, caterer going out of business at the last moment or death within the close family pr cancellation of the wedding. Apart from the mental and physical stress, there will be a lot of financial stress in this case. One can acquire of wedding insurance to reduce the financial stress.
Marriages are made in heaven but financed in Earth
ICICI Lombard -
The wedding insurance policy of ICICI Lombard provides insurance against -
- Cancellation/postponement of wedding ceremonies due to fire, earthquake and other disasters in the venue.
- Cancellation/postponement of wedding ceremonies due to theft and/or burglary.
- Unexplained and/or sudden failure of a named person to be present for the wedding ceremonies due to illness, death or injury or hospitalisation up to 10 days prior to wedding.
- Damage to property
- Expenses incurred on printing cards
- advance given for venue and other vendors
- advances for hotel rooms and travel
- Accidental death, permanent disablement (partial and total) of named persons
- Liability to third parties for accidents/injury in connection to the wedding
- The cover is subject to maximum of sum assured.
Future Generali also provides a wedding insurance policy. It covers -
- Irrevocable expenses like venue rent, accommodation for people, expenses incurred on vendors incurred due to cancellation/ postponement of wedding due to unexpected illness or extreme weather conditions.
- Loss due to fire and related incidents
- Permanent Total Disability, Permanent Partial Disability, Temporary Total Disability & Death of bride and bridegroom arising due to accidents.
- Accidental injury to or death, disease or illness of any person other than an employee.
- Accidental loss of or damage to material property that is not the policyholder's due to food and beverages supplied by you during the wedding.
- Loss of money, selected jewellery, valuables and related damage to property due to burglary or attempted burglary. Invoices for jewellery and valuables should be provided for making a claim.
- Cancellations due to expected rain, storm etc.
- Cancellations due to disputes between the families involved
- Loss due to theft from unattended places and vehicles, careless maintenance of valuables and suicide, attempted suicide or self inflicted illness and/or injury.
The answer depends on various factors. It depends on the personality of the couples and related people and the total costs incurred. If you cannot be at peace of mind over the wedding arrangements, then you will have some solace in having a financial cover. If the wedding is very expensive then it makes sense to have insurance in case any untoward event happens.
In India, people do not typically want to think about negative events related to a wedding and are averse to taking an insurance cover.
Wedding insurance policies are also expensive. Sometimes it is difficult to prove things like stolen jewellery or money and one might no be able to successfully make an insurance claim.
Policies and weddings are also different from each other and therefore one has to be pretty clear as to why one needs a wedding insurance and which policy should one take.