Many Indian parents save and invest all their hard earned money to have a lavish wedding for their children. But, what happens when the wedding is cancelled or postponed due to some reason? Who will pay for the amount spent? Yes, no one other then the bride, bridegroom or their parents are responsible to pay for the same.

These days many High Networth Individuals (HNIs) opt for wedding insurance. But many middle income individuals are not aware of this type of insurance.

Here are some of the interesting things one should know if you are planning to go for it.

Here are general things which are included in a wedding insurance (Note it may vary with insurers)

• Cancellation or postponing of wedding due to unforeseen events like natural calamities.
• If there is damage to the venue due to cyclones, floods or even fire.
• Cancellation of wedding due to a major accident involving the bride, groom or immediate family member.
• Insurance can cover burglary or theft, involving money and other valuables.
• Any legal liability arising out of bodily injury or illness to a third party individual or property can also be insured.
• Wedding Insurance can can be availed for the duration of the wedding and can be taken upto a week prior to the wedding.

What are the things excluded in wedding insurance?

Here is a list which will not make the insurance company liable to pay:

• Bandh or any Civil unrest due to any reason
• Cancellation due to any act of terrorism
• Kidnapping of the named person.
• Breakdown of transportation services which prevent the main person from reaching the venue.
• Any consequential loss due to cancellation of the insured event.
• Unexplained or mysterious disappearance or shortage in respect of the property to be utilized for the insured event discovered upon taking of inventory.
• Damage to, or destruction of, property which is done intentionally by the Insured.

Conclusion

Wedding insurance premiums are calculated considering the type of venue, contingency plans, duration of the event, the organizing costs etc.

Many popular insurance companies such as ICICI Lombard, Future Generali, HDFC ERGO are offering wedding insurance. Inclusions and exclusions vary with each insurance company.

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