Securing your big day: The what, how, and why of wedding insurance

livemint.com:

Band Baaja Baaraat, Shaandaar, Veere Di Wedding, and Made in Heaven. Weddings are not mere unions, they are extravagant displays of luxury and significant investments in a booming industry. The global wedding services market, which reached $160.5 billion in 2020 and is projected to hit $414.2 billion by 2030, solidifies the notion that weddings are more than just emotional events — they’re big business.

This underscores the need to protect against unforeseen uncertainties that could potentially disrupt the grand affair. This is where the significance of wedding insurance becomes apparent. From venue mishaps to vendor no-shows and even weather tantrums threatening to derail the perfect day, a comprehensive policy can cushion the financial blow.

Here are a few types of wedding insurance commonly available: Cancellation or postponement insurance is a specialised form of coverage designed to protect against financial losses incurred when unforeseen circumstances force the cancellation or postponement of a wedding ceremony or related events. This insurance provides reimbursement for non-recoverable expenses already incurred and additional costs associated with rescheduling the event. Covered events typically include the sudden illness or death of key individuals, extreme weather conditions rendering the venue unusable, or other emergencies.

Expenses eligible for reimbursement may encompass deposits paid to vendors, venue rental fees, catering costs, transportation arrangements, and other pre-paid expenses related to the wedding. The policy terms, coverage limits, and exclusions vary among insurance providers. Couples should thoroughly review the policy details to understand what scenarios are covered and the extent of