The recent floods in Chennai caused due to Cyclone Michaung had brought life in the city to a complete standstill, stalling many important events, which were scheduled possibly months in advance, thereby leading to huge losses besides causing inconvenience to many.
They say marriages are made in heaven and that may be true, but they are celebrated on earth.
Now imagine the plight of the bride, groom and their families if their well-planned celebration had to be cancelled or rescheduled due to such vagaries of nature.
According to a recent study by KPMG and Event and Entertainment Management Association, wedding industry in India with its allied sectors are estimated to be close to a $50 billion industry. Around 3.2 million weddings are estimated for November and December alone. So, there is a lot riding on the big fat Indian wedding and therefore providing adequate protection in the event of a possible cancellation becomes important.
So, what is a wedding insurance?
Wedding insurance is a type of special event insurance policy that offers financial protection related to the cancellation of celebrations such as “Future Vivah Suraksha Policy”. Under this policy, the company makes sure that the most memorable day in the life of the insured is absolutely perfect and stress-free in case of cancellation of wedding due to covered perils under the policy. The policy not only covers the cost of cancellation, but also accidents during the wedding.
Coverage offered under wedding insurance
The Future Vivah Suraksha Policy covers irrecoverable expenses incurred by insured with respect to wedding ceremony cancellation or postponement. Few of the perils covered under the policy include unseasonal rains; storm; hail storm; sand storms; Tsunami; tempest and Act of God peril. This apart, loss or damage to the venue due to fire & allied perils, earthquake, flood, cyclone (resulting in cancellation of the event) making the venue unusable; riots, curfew (as declared by local police and/or concerned government authority); death or accident of bride, groom, and blood relatives (parents, brothers, sisters of bride/ groom) during the force of the policy; etc. are some of the other things covered under the policy. It also customises the policy as per the requirement of the customer.
Policy covers irrecoverable expenses incurred by insured with respect to wedding ceremony cancellation or postponement due to covered perils under the policy, hence the sum insured under this policy will be total expenses budgeted for the wedding ceremony.
The premium depends on the coverage requested and sum insured, however, this policy is issued for the period of wedding only.
However, pre‐existing conditions, known to the insured at the inception of cover; cancellation of wedding due to disputes, if any, between the insured (bride, groom, family, relatives, friends) and any other persons related to the event or due to non–appearance of the insured bride, groom, relatives, friends, due to legal, government cases, litigations, summons etc. are not covered under the policy.
This apart, the failure to carry on the event, commence and complete the event in the scheduled time due to the insured’s inability to make the necessary arrangements, to take the required permissions, due to financial incapacity, lack of funds, defaults; non‐arrival of invited priest, guests, artists etc. due to government warrants, duties, court verdicts, summons, government requirements, personal reasons for any other event and cancellation of wedding due to financial disputes, inability to arrange finance, delay in arranging finance etc. are not liable to be covered under the policy.
Raghavendra Rao is Chief Distribution Officer, Future Generali India Insurance Company Limited.
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Published: 16 Jan 2024, 12:10 PM IST
