Taking Cover. When wedding bells don’t ring

With the wedding season just round the corner, those of you planning a grand wedding could consider insuring the event. A few insurers, such as ICICI Lombard and HDFC ERGO, provide a cover against risks associated with hosting a wedding.

What is covered? Typically, a wedding insurance policy covers cancellation or postponement of a wedding.

If the wedding gets cancelled or postponed due to an act of God, such as flood and cyclone, or due to reasons such as fire, riot or a bandh, or a ban imposed by the Government or theft at the venue, you will be compensated for the loss suffered. Cancellation of the event on account of death of the bride or the groom or any one of them meeting with an accident too is included under the policy.

But if the wedding has to be cancelled or postponed because the bride or the groom simply fails to show up on the day, then the insurer is not be obliged to pay up. That apart, unexplained disappearance of any gift or property and suicide or intentional self injury by the bride or the groom are some of the other important exclusions under such a policy. Essentially, cancellation or postponement on frivolous grounds is not covered, says Mukesh Kumar, Executive Director, HDFC ERGO.

Additional cover is also provided for damage to property, personal accident and public liability at an extra cost. If you take personal accident cover, then persons named under the policy, including the bride, the groom and the relatives, can be insured against accidental death and permanent disablement. The public liability clause can save you from any liability towards third parties for an injury or damage resulting from the wedding.

What’s worth noting is that the cancellation or postponement of the wedding is not a pre-condition for making claims under damage to property, personal accident and public liability.

Subject to the maximum amount insured, a wedding insurance policy covers non-refundable advances such as those given to the caterers, venue owners and hotel, besides travel booking and music arrangements.

Wedding insurance, being an event-related insurance, begins a few days before the wedding and ends on its completion. According to ICICI Lombard, the policy is tailor-made to every individual’s requirement and there is therefore no specifically defined period for it. It covers both pre- and post-wedding ceremonies ranging between three and eightdays.

Claims Once the loss is incurred, the insured will have to inform the insurance company through their 24x7 call centre or through the designated relationship manager, explains Sanjay Datta, Chief – Underwriting & Claims, ICICI Lombard GIC.

The main documents that the insured must be ready with are a copy of the policy, an FIR (if applicable), bills and vouchers for proof of expense and any other document specified by the insurer.

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