Event Cancellation Insurance Policies

Insurance companies in India are covering major events like international cricket against the uncertainties of terror attacks and the vagaries of weather. Event cancellation insurance policy helps protect interest of organizers, broadcasters and sponsors of various event/ functions.

Overview of Event Cancellation Policy:

Event cancellation insurance may help cover expenses if one's special occasion such as a wedding or an anniversary party unexpectedly needs to be canceled or postponed due to certain circumstances beyond insured's control, such as adverse weather or unavoidable compulsion or state order or a death or absentees. Insured may also be covered for lost costs if insured's officiant or a major vendor, like the caterer or florist, contracted for the function, fails to provide promised services. Itis important to note that the Insured are not likely to find an event cancellation insurance policy that will provide coverage if a bride or groom voluntarily calls off a wedding.

With a specific event cancellation policy, any one may typically choose a maximum amount of overall coverage also known as the limit" of the insurance cover or the highest amount the insurer will reimburse the insured in case of a claim is made under the affected policy) depending on the total cost of the selected event. Insured may be required to pay a deductible also known as Excess') from his/her pocket before the policy helps reimburse him/her for a covered loss. Initiation of availing the Event Cancellation Policy was taken mainly in Mumbai, slowly various policies are issued in Chennai, Delhi and many other places. Now-a-days issuance of these event cancellation policies by the Indian General Insurance Companies are thriving in many ways in Mumbai, the Business Capital of India.