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Wedding insurance

Given the wide expanse and wilting expense that are the hallmark of an Indian wedding, it's a marvel that most scrape through without major glitches or mishaps. A bigger wonder is that people don't feel the need to insure such high-cost events. If you are spending lakhs on a wedding, it would be prudent to protect yourself against vulnerabilities such as cancellation or damage during the ceremony. "Wherever there are financial risks involved, insurance is a good way to cover it. So one should perceive the risk at a wedding and then buy the requisite cover," says Archana Kanthode of Oriental Insurance Company.

Most companies sell wedding insurance as a part of event insurance. The policy broadly covers personal accident , postponement or cancellation of event, and damage to property at the venue. These policies can be customised as per one's needs. For instance, an ailing relative in the family, who might pose a risk of cancellation or postponement of event, can be covered. If you're phobic about the quality of food and see it as a risk, you can include food poisoning in the insurance. Terror attack is another threat that can now be covered.

Besides these, you can seek insurance against jewellery theft or cancellation in case the bride or groom is unable to make it to the event on time. If the event is cancelled or delayed due to damaged banquet/marriage halls, this too can be insured.

However, cancellation of an event due to a dispute between the wedding parties is not available as a cover. There are exceptions, of course. If the groom does not turn up due to unpaid dowry and the ceremony is cancelled, you can be covered for the eventuality. Of course, the insurance company will not pick the tab if you put off the wedding due to last-minute jitters. Wilful negligence and criminal misconduct are also not covered.

It's important to read the fine print carefully as the terms and conditions vary among different insurance providers. It's equally significant to choose the cover that suits you rather than fall for the sales pitch. So, you can decide to buy insurance only for the main event spanning a day, or have the cover spread across several days and various ceremonies. Consider the various options offered by insurers and pick the one that fits your needs and budget. "The primary cover will always include event/wedding cancellation. However, fire or burglary can be bought separately as standalone covers," says Anuj Tyagi, head, corporate and rural business, HDFC ERGO. If a wedding is at your premises and your house is already covered against fire under the householder package, you don't need an extra cover. Also, if you already have jewellery insurance, knock it off from your wedding insurance policy.

Source : ET