Calamity can strike anyone at any time. That is why individuals as well as corporations rely on insurance policies. This is where the loss is transferred to a third party who bears the brunt. There are two parties involved in this agreement, the insurer and the insurance company where the policy has been taken.
Death, accident, disability, theft, fires, vehicular accident, are just some of the situations when an insurance policy can help. An insurance policy could be for any of these purposes -- health, life, medical, vehicle or general insurance. The duration is decided upon while signing the agreement.
But insurance is a commercial product too. As a result purchasing insurance requires as much smartness as purchasing any other consumer product. The policy needs to satisfy all the customer's needs and serve the purpose when the time comes. Some of the points that one needs to keep in mind are as follows:
1. What is being offered - You must analyze the various insurance companies that are available, go through their policies and choose the one that offers the products and services that match your needs, in terms of duration, risk coverage and time taken to reimburse payment.
2. Financial strength of the policy issuer - The company you choose must have a sound credit standing in the market and should have the ability to cover all the clauses mentioned in the policy on time. If not you will end up spending out of your pocket.
3. The cost - Premium is an amount that the insurer pays to the insurance company at regular intervals during the year till the policy matures. Depending on the policy taken, the premium payable will vary. So compare the options available based on age, term of the policy, the type of policy and the value of the same. If different companies are offering different features, then solely comparing premium amounts might be misleading. Pay attention to details to protect yourself from misleading policies.
4. Reputation and License - One major factor that you must note is whether the company has a good reputation in the market. You can gather this information by talking to friends or colleagues who have policies with the company. Naturally the insurance company should not be a sham. It should have all the regulatory approvals to operate as an insurance company. Without a clean policy, you might as well have no policy.
With the majority of weddings costing more than you would spend on a new car, it makes sense to ensure that you carry adequate insurance cover against the unexpected affecting your big day. When compared to other items that you would insure (house, possessions, car, valuables, etc.) wedding insurance is not very expensive. The peace of mind alone that it will give as you plan for your wedding day, and on the day itself, is worth the cost in itself. Whatever type of wedding your have chosen, comprehensive wedding insurance will be available at a modest rate.
The range of cover available is wide, however it is unlikely that you would insure against a cloudy day or rain showers - but you would cover against cancellation due to storms or floods, etc. Other disasters would be included in your cover, earthquakes, landslides, fire, etc, and not just for the whole wedding, but if a part of it became affected by events beyond your control. If your reception venue were to suddenly close down, the wedding venue was hit by some unpredicted event that caused it's closure, the wedding car supplier went out of business, the caterer cancelled at the last minute, the bride or groom met with an unfortunate accident that prevented the wedding taking place, etc. A relatively simple and economical insurance cover would compensate for these unforeseen circumstances.
When you start to plan the wedding arrangements most couples wouldn't consider including insurance as a part of their list - but you should! When you have set your wedding date and you start to book the suppliers for your wedding you are starting to make financial obligations for the big day - at that stage you should have your wedding insurance in places as well. This will give you a maximum period of cover for your insurance fee as well as adequate cover should anything go wrong in the period leading up to your wedding day that may leave you financially disadvantaged.
A good wedding insurance policy will include the following items in it's cover: cancellation of your wedding (check the applicable clauses, it's unlikely a change of heart will be covered!), wedding rings and jewellery, the wedding dress, attire purchased for the groom, best man, bridesmaids (if formal attire is to be hired, check insurance liability with the supplier), cancellation of the wedding and reception venue(s), catering supplier, wedding florist, personal accident of the bride or groom causing disruption of your wedding plans, public liability cover (check that your wedding and reception venues carry public liability cover for your guests whilst on their premises), personal liability and legal expenses for the bride and groom, cancellation or failure of wedding cars, accidental damage to your wedding cake, wedding photographer (ensure that provision is included for any possibility of your photographs being destroyed), wedding gifts (including an amount to cover cash and vouchers received).
The insurance cover for your honeymoon should be arranged separately from the wedding insurance. Your honeymoon would normally be covered by travel insurance, generally arranged at the same time as making your travel arrangements. However, you may wish to consider that the travel insurance would not normally cover cancellation as a result of your wedding plans having been disrupted, so you may want to include cover for this with your wedding insurance policy or take out separate cover for this specific risk.
The wedding day and planning your wedding is a happy and exciting time in your life. No one wants to think about things that may go wrong - and generally they don't! Everyone hopes that your wedding day is wonderful and runs without anything untoward happening. Arrange your insurance early and hope that you never need to refer to it again - but have the reassurance that you have put your safety net in place in the unlikely event that you should need it. Congratulations - relax and enjoy the most beautiful day of your lives.
Both Ajeet Khurana & Steve Shaw are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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