Why Wedding Insurance Important for Big Event : Talking about India, there are many people here who want to make the event memorable by spending as much as possible on the occasion of marriage. It can be said that they are passionate about this special occasion. This sentiment of Indians regarding marriage is also visible in Bollywood films and online shows like Band Baaja Baaraat, Shaandaar, Veere Di Wedding and Made in Heaven. How grand a wedding can be depends on the financial commitment. The bigger the budget, the grander the function. For this reason, it is important to pay attention to those things which can hinder the event. This is where the importance of wedding insurance is clearly visible. What is wedding insurance and why is it necessary? Gaurav Arora, Chief – UW, Claims Property and Casualty, ICICI Lombard, has given detailed information on all these things.
Weddings are a big business opportunity
Amidst all this, the Confederation of All India Traders draws attention to a shocking statistic. In the next few months, more than 3.5 million i.e. 35 lakh marriages are going to take place, which will bring a huge business opportunity of Rs 4.25 lakh crore. Weddings in India now reflect luxury and huge investments in a growing industry. The global wedding services market reached $160.5 billion in 2020 and is projected to reach $414.2 billion by 2030. These figures strengthen the notion that weddings are no longer just emotional events, but have become a big business opportunity.
Importance of wedding insurance
How grand a wedding can be depends on the financial commitment. For this reason, it points to the need to protect against unexpected uncertainties that may hinder this grand event. This is where the importance of wedding insurance is clearly visible. From venue mishaps to vendors missing out on the venue and even the possibility of the day being derailed due to a sudden change in weather, a comprehensive policy can mitigate financial shocks. The premium for wedding insurance is calculated taking into account the size of the event and the comprehensiveness of services covered. Large wedding events with a longer list of services covered may require a higher premium, but the peace of mind it provides is worth it.
Types of Wedding Insurance
There are different types of wedding insurance on different basis. Liability insurance has emerged as a safety net for individuals facing claims in the event of injury to others or property damage at an event. These insurance policies take care of the legal expenses and payments for which the insured party may be liable if they are held legally liable. However, it is important to note that intentional damages and tortious liability are generally excluded from the coverage of liability insurance policies. Its focus is on paying compensation directly to third parties and not to policyholders.
On the other hand, cancellation/postponement insurance acts as a safety net for individuals who face unexpected disruptions in their previously planned events. It provides financial protection in case circumstances force a change in plans, covering the costs incurred and ensuring a buffer against interruptions.
Pay attention before taking the policy
The process of purchasing insurance to protect your wedding day begins with careful consideration and planning. The first phase involves researching and selecting a policy that best suits the specific needs of one’s function. Platforms like well-known insurance companies or specialized wedding insurance providers are a good place to start.
Buyers should thoroughly understand the coverage limits and the process of filing a claim. The policy should be chosen according to the specific specifics of the wedding plan. Be it an exotic destination wedding or a classic function in one’s hometown.
Understand Add-ons and Riders
There may be some difference in every marriage from one another. Keeping these differences in mind, wedding insurance policies offer add-ons and riders. These additional coverages, such as attire and honeymoon coverage, can be extremely valuable in certain circumstances. Imagine a situation where a wedding gown is damaged or lost, an attire coverage rider can save the day from being ruined.
How much does it cost (Wedding Insurance Cost
Purchasing wedding insurance does cost money, but by understanding its structure it can be easily incorporated into the overall budget. Factors like size of the wedding, venue and coverage details affect the premium. To avoid last-minute financial surprises, experts recommend including insurance cost as an essential item in the wedding budget.
Under what circumstances will you not get the benefit?
Within the scope of wedding insurance, not everything is covered. Sudden changes in plans, budget overruns and other personal decisions are generally excluded. Therefore, it is important to read the policy rules thoroughly and understand under what circumstances insurance companies can deny benefits. Knowing the limits ensures that expectations match reality, preventing any future disappointments.
