I’m planning my daughter’s destination wedding in Thailand with a budget of Rs 1.5 crore, including jewellery worth Rs 50 lakh. What should be my ideal insurance coverage? We’re expecting 200 guests and have booked multiple venues for different functions. What specific documentation will I need for overseas venue coverage?
Reply by: Gaurav Arora – Chief UW, Claims & Property, ICICI Lombard
A wedding insurance policy protects the insured against financial losses due to wedding cancellation/postponement/interruption etc. Majorly all weddings whether local or destination provide similar basic covers however, policies for destination weddings can be customised to protect other major concerns surrounding these weddings such as travel disruptions including flight delays/cancellations or adverse weather risks.
For a destination wedding in Thailand, one may purchase an event cancellation policy which would cover the cost in case of any unforeseen event (e.g., travel disruptions, natural calamities, adverse weather) leading to any interruption in the event.
Additionally, one may customise the policy to cover all the materials belonging to the insured against accidental loss, theft, burglary, etc. The policy should also cover jewellery, outfit, gifts, etc against accidental damages, theft, burglary, etc.
One may also add a cover for third-party liability insurance which would safeguard against any legal liability arising out of damage done to the venue or any injuries to the guest at the wedding venue. An overseas travel insurance for guests to protect them against any medical emergencies, missed flights, loss of passport etc. may also be added to the cover.
The information required for insuring a local/destination wedding will mostly be the same. However, when ensuring a destination wedding, additional information may be required compared to a local wedding, such as a travel itinerary, wedding itinerary detailing the wedding locations, number of attendees travelling, etc.
All wedding insurance policies cover any irrecoverable expenses in case of cancellation/postponement/interruptions and thus any advance payment made to the vendor is also protected.
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