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Asian Wedding insurance and financial failure of wedding services

16th August 2011 by Adam

With the worldwide economic situation worsening, it is likely to impact on all aspects of people's lives, including weddings. Asian Wedding Insurance includes a section to protect you from the financial failure of any of your wedding service suppliers, such as wedding sari and other attire, catering or even your wedding venue.

Normally you will have a contract with your service supplier and generally this should be relied upon in terms of the supplier meeting their obligations to you, the customer, for example, if you have ordered a wedding sari from a wedding sari supplier they should supply you with the sari you have ordered.

If, however, any of your wedding suppliers goes bankrupt or into liquidation then you will be able to claim deposits back using the Asian wedding insurance policy.

Under section 7: Financial failure of wedding service suppliers, in the Asian Wedding Insurance policy wording, you can also claim for the additional costs of arranging a suitable alternative.

Claims that arise from the financial failure of a Wedding Planner are covered by Asian wedding insurance; however, there must be a written agreement in place.

Beware of wedding service suppliers that offer a discount for payment in full upfront, as this could potentially be a sign that they are experiencing financial difficulties. Any payments that you make to wedding service suppliers outside their normal booking terms will not be covered for this reason.

Deposits paid prior to taking out the Asian wedding insurance are covered by the policy, unlike some wedding insurances. However, the financial failure section does not come into force until 14 days after the policy purchase date, so it pays to take out a wedding insurance policy as soon as possible, to ensure you have cover. If you try to arrange wedding cover, in order to make a related claim, in the knowledge that one of your suppliers is in financial difficulty, the claim will unfortunately be declined.

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