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. Its

a time when outlooks all seem bright and dreams are in the

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making.

And

historically,

marriage

has

been

the

cornerstone of civilized society.

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

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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
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
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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
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.

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Military or Job:
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:
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

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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 cant 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
Risks of fire, lightning, explosion, riot, strike & malicious damage, impact
damage, aircraft damage, storm, cyclone, typhoon, tempest, hurricane,
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tornado, flood & inundation, subsidence, landslide (including rockslide),

earthquake, burglary and theft.

Exclusion
The things which wedding insurance doesnt 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.

Dispute between marriage parties

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Criminal acts

Willful negligence

Criminal misconduct of the bride, bridegroom or their parents.

Policy for customers 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
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policy terms and conditions. Further, the public liability covers

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
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hence, a peril such as terrorism which is included under one type of cover may
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
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should look at the elements of their wedding that may need protection from
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
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of the company from which he is going to hire the insurance policy. This
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 Internets 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 lifes 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, youll 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. Firemans Fund Weddingsurance

Firemans 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 WedSafes plans: Wedding Cancellation Insurance and
Wedding Liability Insurance. The cancellation coverage pays for problems such as
severe weather, vendors who dont show up or go bankrupt, damage to wedding
attire or rings, approved military leave or events that prevent important family
members from attending.

WedSafes Wedding Liability Insurance pays if youre held liable for injuries or
property damage at the wedding and its available with a host liquor liability for
alcohol-related accidents. Theres generally a $1,000 deductible for propertydamage claims.

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Home insurance provides some coverage

Your home insurance policy offers you some liability protection when youre 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 theres 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. Youd 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 wont 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 ones 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 persons 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

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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WEDDING INSURANCE

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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WEDDING INSURANCE

Its 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

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.

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WEDDING INSURANCE

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 Bachchans 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
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.

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WEDDING INSURANCE

And the middle class, too, is realising the benefits. Says RK Patel, an
Ahmedabad-based businessman who has insured his daughters 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 cousins house and all
the jewellery and ornaments and other valuables got stolen. I do not want to
go through that, and dont 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.
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
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WEDDING INSURANCE

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
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.

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WEDDING INSURANCE

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
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.

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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
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,
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WEDDING INSURANCE

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, doesnt 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.

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

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WEDDING INSURANCE

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

provides coverage if the band doesnt 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 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
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WEDDING INSURANCE

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.

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.
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WEDDING INSURANCE

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.

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,
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WEDDING INSURANCE

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 objectjust the valuable
onesthey 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.

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).
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WEDDING INSURANCE

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:
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 prelunch snacks. They were disappointed as the dream marriage they were
expecting did not turn out to be so.

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WEDDING INSURANCE

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
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
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WEDDING INSURANCE

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
persons 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
covers all the categories of covers. But one can exclude some covers, thus
reducing your premium amount.

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WEDDING INSURANCE

Ensure a perfect wedding by icici Lombard

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:
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WEDDING INSURANCE

* 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
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:
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WEDDING INSURANCE

* 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.

* 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

survey/inspection.
54

damaged/

destroyed

items

for

WEDDING INSURANCE

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.
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.

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WEDDING INSURANCE

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.

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 wont lose out.

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The most important factor for any anyone planning an event is

comfort: the knowledge that whatever happens its 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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