Hardik Tokas
A wedding is more than simply a lovely occasion; it is also a significant turning point in one’s life. People nowadays go to great lengths to make wedding rituals memorable. However, life is unpredictably unpredictable, and any unanticipated catastrophe might derail the event. To protect oneself from such occurrences, one might consider purchasing marriage insurance.
A marriage insurance policy will cover the high costs spent as a result of a wedding cancellation or any other damage or loss. The insurance policy categorizes numerous circumstances into four main groups. They are as follows:
What is Marriage Insurance?
Any disaster or unfavorable circumstance might tarnish the luster of a wedding reception. This might result in monetary or bodily loss. Marriage insurance is now available from insurance firms to safeguard against such risks and losses. Aside from some restrictions, marriage insurance is a fantastic method to cover monetary losses caused by natural catastrophes, event cancellations, or theft.
It provides coverage against the cancellation of a wedding due to fire, burglary, theft, and accident. On cancellation, covers financial loss related to cost of decoration, catering, the printing of invitation card and marriage expenses.
What is Marriage Insurance cover?
A marriage insurance policy will cover the high costs spent as a result of a wedding cancellation or any other damage or loss. The insurance policy categorizes numerous circumstances into four main groups. They are as follows:
Liability Coverage: This section covers any damage or loss to a third party caused by an accident or injury during the wedding celebration.
Cancellation Coverage: This section covers damages incurred as a result of a wedding’s abrupt or inexplicable cancellation.
Property Damage: It protects against loss or damage to property.
Personal Accident: This covers the bride/hospitalization bridegroom’s costs in the event of an accident.
Marriage insurance protects you in the event of a cancellation or loss due to fire, theft, or burglary. When a wedding is canceled, it pays the following expenses:
- Advances paid to catering
- Advances paid to the wedding venue
- Printing cost of wedding invitation cards
- Advances paid for music and decorations
- Cost of decoration and wedding set
- Advances paid to travel agencies
- Advances are given for hotel room bookings
How Marriage Insurance Functions?
Applying for marriage insurance is a simple and painless procedure. It broadly includes the loss caused by events over which you have no control. It cannot compensate for emotional loss, but it can certainly compensate for financial loss to some level. You can apply for the coverage and make claims as needed by following the procedures below:
- Determine your needs and select the best wedding planner for you.
- Submit the relevant papers as well as a completed application form.
- The insurance company validates the information and calculates the premium.
- In the event of an occurrence, the beneficiary notifies the insurer.
- The insurer investigates the claim and resolves it.
How Can You Claim Under Marriage Insurance?
In the event of an unwelcome occurrence or danger during the marriage ceremony, the policyholder may seek reimbursement by following the processes outlined below:
- Notify the insurance company as soon as possible after the occurrence.
- Fill out the claim form and submit it to the insurance company along with the other papers necessary.
- An insurance company representative investigates the loss/damage.
- If the claim is legitimate, the compensation money is deposited into the beneficiary’s bank account. Otherwise, the claim is denied.
- The insurance provider may also choose to pay straight to the wedding venue or vendor.
Documents Required for Marriage Insurance Claim process
The following documents are required to file the claim under the marriage insurance:
- Duly filled in the claim form
- Photocopy of the policy
- List of valuables damaged/lost
- Invoice or purchase receipt of the valuables
- Details of the damaged property
- Credit card statements, purchase dates, and location details of the lost/damaged property
- Confirmation from a qualified expert, if any of the damage cannot be repaired
- If there is a robbery or theft, an FIR copy
Advantages of Buying Marriage Insurance
Premium is very cost-effective. It amounts to only 0.7 to 2% of the insured amount.
Marriage insurance coverage can be tailored by insurers. The recipient might choose to purchase insurance solely for the major event or a combination package.
One can feel at ease with public liability coverage because certain carriers even cover food sickness that occurs as a result of food served at the occasion.
