Mumbai, India (CU)_ Weddings could be canceled in the upcoming months owing to government-imposed limitations in light of the increasing number of Omicron forms of coronavirus cases in the country. To overcome these challenges, people may opt for wedding insurance to protect themselves from financial losses in the event that wedding events must be canceled or postponed or rescheduled at the last minute. Wedding insurance guarantees that no money is lost in case of cancellation.
Wedding insurance covers large expenditures associated with the cancellation of a wedding or any other type of damage or loss. It widely covers a variety of events in four basic categories: liability coverage, cancellation coverage, property damage coverage, and personal accidents coverage.
Liability coverage: It protects against damages or losses made to third parties during weddings as a result of accidents or injuries.
Cancellation coverage: This category covers losses incurred as a result of the marriage being called off suddenly or unexpectedly.
Property damage coverage: It protects against property damage or loss.
Personal accident: This covers the expense of the bride or groom’s hospitalization in the event of an accident.
The policy covers amounts paid in advance for food, wedding venue, travel agencies, hotel room reservations, music, and decorations. Additionally, it includes the cost of printing wedding invitation cards, as well as the cost of decorations and wedding sets. The amount assured on wedding insurance is determined by the amount covered. The insurance premium remains between 0.7% and 2% of the total amount insured. If you have taken a ten-lakh-rupee wedding insurance policy, you must pay a premium of between INR 7,500 and 15,000.
