Wedding Insurance? Yes! The best investment you can make for your wedding day.
So much time, energy and money goes into planning your wedding that it should be a treasured occasion remembered for all the right reasons. Unfortunately, no matter how cautiously you arrange, book and hire every aspect of your up-coming nuptials, fate follows a different rule book. Before you know it your perfect dream could turn into a total nightmare at the drop of a top hat.
While you may not be able to prevent the unexpected, you can protect a portion of your investment by planning ahead.
If you’re thinking about buying wedding insurance—also called special event insurance—you should know that it has two parts. Cancellation or postponement coverage is one. If extreme weather forces cancellation, for example, this coverage will reimburse you for deposits or even the entire cost of a service or rental of a venue. It also can help pay for the costs incurred to reschedule the celebration.The other part—liability coverage—indemnifies you if someone is injured during the wedding, or if there is property damage. You can buy either type of wedding insurance coverage, or both types.
There is so much to think about when planning a wedding. It might well be the most stressful event you’ll ever plan. But in the chaos of organizing everything from the wedding venue to bridal entourage gifts, many couples fail to realize the importance of liability insurance for their big day, and every related gathering leading up to it.
Many people assume that the venue they are renting will have automatic coverage. Some venues may provide coverage and others may not. Individuals hosting these functions will always want to check with the facility to see if they have coverage. If they do, they will want to obtain a certificate of insurance.
For events where alcohol is served, Host Liquor Liability coverage, a separate policy, is also very important. A lawsuit resulting from an alcohol-related incident can hold every party responsible, from the venue to the person or persons hosting the event to the liquor license holder.
Host Liquor Liability offers protection for any liability claims related to alcohol.An example may be someone leaving a venue very intoxicated and driving, causing damage or injury. The individual hosting the event can be held liable for alcohol-related claims. Some venues that specialize in liquor may include coverage with the rental. If that is done—which is rare—I would recommend that the individuals renting the facility get a certificate of insurance from the venue and also be added as an ‘additional insured’ in respects to liability. That way they can be covered and defended under the venue’s policy. If the facility cannot extend coverage to the event, [the hosts] will want to purchase their own coverage. If the facility can extend coverage to the event, they can still purchase their own policy in case they are not comfortable with the coverage or limits.
Remember to consider all the different aspects of their wedding, including rehearsal parties, socials, ceremony, and reception if they are taking place at different locations. For this reason, having your own insurance extending to all facilities is ideal.
Some insurance companies offer specially designed policies that provide additional protection beyond just liability. They can include wedding cancellation, honeymoon cancellation, deposit loss, photo and video protection, loss or damage to bridal attire, wedding gifts, rings, wedding cake and flowers, wedding stationary, and rented items. Many of the loss or damage policies include coverage prior to the wedding.
Considering the many risks and the huge financial investment you’re making to create the perfect wedding day, insurance may well be the best investment you make.
Happy Beginnings,
Mike
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