Prince William and Kate Middleton’s wedding — termed as the wedding of the decade — turned out to be the business opportunity of the decade for insurance companies.
With wedding fever gripping the UK, insurance firms came out with various innovative products, one-time liability covers and free covers.
To mark the occasion, Sterling Insurance announced free policies as extensions to any new executive home or executive policy in April, May and June. The free cover includes a cancellation cover of £20,000 and a re-arrangement cover of £15,000 (if the event was postponed).
The cake and flowers for the wedding would be covered for up to £5,000, while cars and other transport would be covered for up to £3,000.
“This is a detailed and thoroughly researched product, which may also be used as protection against individual crises during a wedding. All these covers help ensure that a couple’s special occasion is not blighted financially, in case everything doesn’t go as planned,” wrote David Sweeney, a Sterlings official, in the company’s website.
Insurance companies would also come to the rescue if the royal couple’s wedding pictures did not turn out as desired. The policy also includes the cost of photographing or videoing the wedding again (cover up to £3,500), suppliers (up to £10,000), wedding stationery (up to £1,500) and public liability (up to £2.5 million), the website said.
Insurance covers were also planned for residents planning street parties. These schemes would cover mishaps like accidents to revelers or any damage to a venue. Zurich Insurance has designed a special public liability insurance package, which covered up to 200 party-goers for a one-time fee of £63.60. A single claim of up to £5 million is available to both the organisers, as well as guests, in case of any damage to property.
For those wondering whether this happens only in the UK, wedding insurance products are available in India, too. They are, however, at a nascent stage. “Typically, wedding insurance policies in India provide covers on cancellations and postponements. They also provide covers on jewellery and gifts, protect against burglaries and fire. The premiums typically range between 0.25-0.75 per cent of the sum insured,” said KG Krishnamoorthy Rao, managing director and chief executive, Future Generali India Insurance.