Insurance Cover for Loss from Marriage Postponement
Two Insurance companies ICICI Lombard and Bajaj Allianz have come out with an innovative insurance scheme providing exclusive Wedding Insurance, wherein they would insure the weddings against their postponement of cancellations for certain reasons.
Bajaj Allianz has recently launched a wedding insurance package. In case of any postponement or cancellation of marraige, there is a certain risk of monetary loss. This unique product covers the specific risks related to weddings. Wedding insurance safeguards you financially against unforeseen events that could postpone or cancel your wedding. Bajaj Allianz has four insurance options—Rs2 lakh, Rs4 lakh, Rs6 lakh and Rs8 lakh and the indicative premiums for these four options range from Rs3,770 to Rs14,276. The policy covers "wedding cancellation/postponement due to fire or any natural disaster, accident of bride/groom, accident of blood relations resulting within seven days of the wedding date, damage to property including the venue, burglary etc. But the insurer will not pay for marriages failed due to personal differences between the bride and the groom, and the claims would be entertained only for losses due to external factors like accidents, catastrophes or unintentional man-made disasters or disruptions.
ICICI Lombard, on its part, provides insurance cover for the wedding cancellation, material damage to the property such as wedding venue, personal accident cover for insured person (bride or the groom) and any public liability arising out of the cancellation. ICICI Lombard's insurance product covers cancellation or postponement of the wedding ceremonies due to factors ranging from fire, earthquake or burglary and theft at the venue. Besides, it also covers for "sudden, unexplained, unintimated failure" of the bride or the groom to appear for the wedding ceremonies due to reasons like, death, personal injury or any major illness. The expenses that would be covered include those for printing of cards and the advance payments for the venue, caterer, decorations, music, hotels and travel
For more details and guidance, please contact your insurance consultant or the insurance company
Best Regards
Prakash Nair
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