Your important day could include different types of events, including weddings, parties, conferences, or even a corporate gathering. These events take weeks or even months to prepare and can be quite expensive to plan.
While you hope that your event runs without an obstacle, preparing for it may be challenging, and you could face sudden problems at any time.
This is where event insurance assists you in protecting your finances in case something goes wrong. Let’s start by learning all there is to know about special event insurance, including what it is, how much it costs, and more.
Special event Insurance is a type of insurance that aids in defending your investment in a particular event, like a wedding. If you are forced to cancel or reschedule your event at the last minute or if you’re held accountable for any injuries or property damage resulting from your event, event insurance may assist in paying your costs.
There are several benefits of the special event insurance plan –
In case of a cancellation of an event under certain circumstances, the policyholder can get coverage up to Rs. 3 lakhs at a premium of Rs. 599 annually.
Special event insurance can help the policyholder get financial coverage for events such as a wedding, conferences, and more.
You can use net banking, credit/debit card, mobile wallet, or UPI to make the premium payment in a few clicks.
Different types of coverage can help you protect the investment you have made in the upcoming event.
This will help you get a reimbursement if the planned event is canceled due to a fire. This can help you cover several of the non-refundable expenses.
For instance, an electrical problem causes the venue where you intend to have the event to catch fire. You have to postpone the event by a week as a result. You can receive reimbursement for expenses per the policy’s terms in case of standard fire and allied perils.
Your event cancellation can protect you in the case of cancellation due to unforeseen circumstances such as the death of a famous personality and the state has decided to hold official mourning. You can get coverage for the first and even second day of mourning.
Protection against all possible accidents that can happen during an event is offered. Therefore, the policy will provide coverage for any responsibility involving unintentional property damage or physical harm. It’s also crucial to keep in mind that many venues demand coverage even just for hosting the event.
Any policyholder can apply online for the insurance plan –
Claiming insurance is a very easy process. The policyholder can contact the customer service team –
Every insurance plan has certain expulsions –
Any damage or loss due to unfavourable weather conditions like rain, humidity, fog, or any other changes will not be covered under this plan.
The policyholder must pay 5% of the amount to be claimed as policy excess.
Any damage or loss because of destruction, requisition, or abandonment by the government or any local authority is not covered.
If the event is cancelled or postponed due to health reasons like communicable diseases, intentional self-injury, menstruation, or childbirth is not covered.
Any damage caused due to war, terrorism, fear, the threat of damage, strikes, or hoax similar will not be covered under the plan.
Ans. Special event insurance can help you get protection on the capital investment you make during an event.
Ans. Loan insurance is a safety strategy for the loan that the policyholder has taken out. The insurance offers coverage for a specific period of time and reimburses the required monthly loan payments in the event of unanticipated circumstances like disability, unemployment, or untimely death.
Ans. Depending on the policy, it is possible that your insurance plan covers the helpers of the event up to a certain limit.