Understanding The Legal Docs When Taking Out Wedding Insurance  

Look. However we try to sugarcoat it, this will probably be a dry post.

Legal docs, fine print, terms and conditions, exclusions and even more fine print.

So, let’s at least start with a wedding joke.

“Marriage is like a walk in the park… Jurassic Park”

Or this one?

“Marriage is a relationship in which one person is always right, and the other is the husband.”

OK, we get it.

We’ll just stick to wedding insurance and let your MC do the lighter stuff!

Let’s move on.

When it comes to Wedding Insurance, what is the Product Disclosure Statement?

At the heart of any insurance policy is the Product Disclosure Statement or PDS.

They’re documents that are subject to change, so note the date of your PDS to determine the version relevant to your policy.

A PDS is designed to be readable.

It might be a legal document, though consumers – our customers – have a reasonable expectation that they can read and understand it without needing to engage a lawyer.

You can find the Wedsure PDS here.

The PDS is a key part of the contract between you and an insurer. It spells out the terms on which the policy and cover are offered.

In fact, the PDS should go further and offer background on who the insurer is, how to contact them and how to make a claim.

The PDS will cover what is covered and not covered.

The level of cover provided under the policy.

The cost of the policy.

Any additional add-ons, such as COVID coverage for a wedding insurance policy.

The obligations of the insurer and your obligations.

Definitions of terms so that you and the insurer are talking the same language.

And how your personal data will be handled and potentially shared.

We stress it every time, and we are going to do it again. Print out the PDS relevant to the cover and policy you are considering purchasing, make a cup of tea or pour a glass of wine, and set aside some time to read.

Don’t assume anything. The policy needs to be conscionable by law, though there are many reasons a PDS might include or exclude certain things.

You know your wedding and exposure better than anyone and what you need cover for. Ensure you have it, consider the suitableness of the policy and make an informed decision about whether the policy is right for you.

We can only speak for ourselves, though you can call our customer support team at any time should you have any questions or concerns.

Introducing the TMD

The TMD or Target Market Determination is a concise statement we provide to provide some important, high-level information to customers.

Whom we believe our product – wedding insurance – is appropriate for.

And whom we believe or know it is unsuitable for.

(Hint: we think everyone getting married should take out wedding insurance, though there are some contractual caveats for whether we can offer it to you, such as when you decide to take out cover relative to your wedding date.)

The TMD covers some conditions and obligations and, importantly, when and why we might update it.

You won’t need to print the TMD and put the dog to bed, though it is an important read that should not be skipped.

Whoops, I need to change or even cancel my wedding insurance policy

We get asked this all the time.

Short answer: You can change or cancel your policy in line with the terms contained in the PDS that are relevant to your policy.

Make any changes as early as possible and talk to our customer support team at any stage.

So that’s about it.

Spend the time on the details and boring stuff, and know your policy has your back.

And one last thing if you’ve made it this far:

“The most important four words for a successful marriage. “I’ll do the dishes.”

That one is exclusively for you, gents. And we mean it!

Do the dishes. It’s the least you can do.

No more wedding jokes!