In India, weddings are celebrated like festivals, and people put their best efforts into making the day special. Many hire wedding planners to ensure the event is grand. Wedding planners manage everything, from organizing wedding functions to arranging top-tier food and drinks, and even coordinating expensive gifts.
Recently, the Confederation of All India Traders shared surprising figures related to weddings. According to their data, approximately ₹4.25 lakh crore worth of business was generated from weddings this year. Financial experts suggest that weddings are not just ceremonies but also significant investments, representing a booming industry. Globally, the wedding services market was valued at $160.5 billion in 2020 and is projected to grow to $414.2 billion by 2030. These figures highlight how weddings have evolved into a major industry.
What is Wedding Insurance?
In today’s market, various types of insurance are available, including wedding insurance. This type of insurance helps secure your wedding from unexpected uncertainties. For instance, it can be beneficial in cases such as accidents during the ceremony or a vendor failing to show up.
The premium for wedding insurance depends on the size and services of the ceremony. The more services you cover, the higher the premium will be.
Importance of Customized Coverage
Many Experts suggest that buyers should ask questions to clarify the extent of coverage and the process for filing claims. It’s essential to tailor the policy according to the specific details of the wedding, whether it’s an exotic destination wedding or a traditional ceremony. A well-prepared policy ensures all unique aspects of the wedding are protected.
Situations Where Coverage Is Not Applicable
Wedding insurance does not cover every situation. Some exclusions include:
- A sudden change of mind about marriage
- High-budget overspending
- Personal decisions unrelated to unforeseen events
It’s crucial to read the terms and conditions carefully before purchasing the policy to understand when insurance companies might deny benefits.
Why Wedding Insurance Matters
Wedding insurance protects your special day, ensuring that the event marking the start of a new journey is safeguarded from potential setbacks.
What Does Wedding Insurance Cover?
Wedding insurance helps cover substantial expenses incurred due to unforeseen circumstances like wedding cancellations or damages. It generally categorizes coverage into four main areas:
- Liability Coverage
Protects against damage or injury caused to third parties during the wedding event. - Cancellation Coverage
Covers financial losses due to unexpected or sudden cancellation of the wedding. - Property Damage Coverage
Provides protection for damage or loss to property during the wedding. - Personal Accident Coverage
Covers hospitalization expenses for the bride or groom due to accidents.
Claim Process for Wedding Insurance
In the event of an unexpected incident or risk during the wedding, you can claim compensation by following these steps:
- Inform the insurance company immediately after the incident occurs.
- Fill out the claim form and submit it with the necessary documents.
- The insurance company will investigate the reported loss or damage.
- If the claim is valid, the compensation will be credited to the policyholder’s account or paid directly to the wedding venue/vendor.
- If dissatisfied with the claim resolution, the policyholder can dispute the matter in court.
Documents Required for Filing a Claim
To file a wedding insurance claim, the following documents are necessary:
- Completed claim form
- Photocopy of the policy
- Details of the damaged property
- List of valuables damaged or lost
- Invoices or purchase receipts for valuables
- FIR copy in case of theft or robbery
- Credit card statements, purchase dates, and location details for the lost or damaged property
- Expert confirmation if the damage is irreparable