Gaurav Arora, Chief, UW, Claims Property & Casualty, ICICI Lombard

Marriages are made in heaven, and sky is indeed the limit when it comes to shouldering expenses of varied kinds and sizes. With weddings getting grander by the day, any untoward incident, before or on the day of the wedding, can result in financial damages. It can water down some of the best-laid plans and take the sheen out of this memorable day in life.

In such a scenario, a wedding insurance policy can be of great help. It is a customized plan that is designed to take care of a litany of risks specific to marriage. The wedding insurance policy is tailor made as per individual requirements and needs.

Fire, floods, cyclone, riots, strikes near the wedding venue, accidental/sudden death of the named family members which may lead to postponement of the wedding day will be covered in the policy. Accidental damages including theft to valuables such as wedding jewelry, wedding attires at the wedding venue or residence of the bride/groom/family members will be covered in the policy. Accidents caused by slip and fall, poisoning by foreign matter in food and beverage, caused at the wedding venue to the wedding guests would stand covered.

The premium will depend on the evaluation of risks and factors including the location, type of venue (indoor or outdoor), the scale of decoration, the period of celebrations, number of events (sangeet, cocktail) and the headcount. Since the policy is tailor made based on individual requirements the limits could vary depending on the requirement of the customer. Approximate premium will range from 0.5% to 2% depending on the risk parameters.

On happening of loss, policy holder should intimate the insurance company about the loss. Depending upon the type of loss, a surveyor is appointed and the claim is taken for further processing. While filing claims all requisite documents that substantiate the expenses incurred need to be submitted to the insurance company.

While wedding insurance provides coverage for a host of risks, there are still a few circumstances that don’t feature within the ambit of the policy. These include:

• Acts of terrorism

• Kidnapping of bride/groom

• Postponement of the wedding caused by the bride/groom stuck in a delayed flight

• Postponement of the wedding caused by the bride/groom committing self-injury, suicide or attempting suicide

To ensure a smooth flow of events, one should ideally buy the policy a couple of weeks prior to the big day.