Weddings and other special events can be memorable for all the great things that took place or it can be memorable for all of the problems and hurt feelings that result. Major family events such as a wedding bring together people from different cultures, different parts of the world, and different types of celebration.
Most wedding events consist of more than one event such as the rehearsal dinner, the wedding ceremony and the reception that follows. If you are hosting this event at any venue other than your home, the venue management is going to require liability insurance. Fortunately, many insurance carriers offer a packaged Wedding Insurance policy that can be very reasonable for the coverage it provides. Depending on the company you purchase from, you can expect to receive coverage for the following:
Cancellation Coverage
It happens, one of the parties has second thoughts about going through with the wedding or an unfortunate event causes the wedding to be postponed. The Cancellation/Postponement coverage reimburses the insured for loss of deposit funds such as venue deposits, catering deposit, reprinting of invitations and travel deposits up to the limit you select.
Additional Expenses
Additional expenses can result when a vendor cancels are you are forced to hire a replacement vendor at the last minute for a higher price. Most policies will reimburse for a difference of up to 25% of the original agreed upon price.
Photography & Videographer Expenses
This coverage reimburses in the event that the photographer or videographer fails to show or has defective equipment, and the event needs to be reconvened to take new photos or video.
Event Gifts
This is coverage to reimburse the insured in the event that gifts are damaged while on display and need to be repaired or replaced.
Special Attire
Reimburses the insured if the special attire for the wedding party is lost or damaged while traveling to the event.
Special Jewelry
Similar to Special Attire, this coverage reimburses the insured in the event that jewelry that was purchased or rented specifically for the event by the wedding party is lost or damaged. Coverage is usually provided up to seven days prior to the event.
Liability Coverage
Typically required by the venue management, the liability coverage pays for bodily injury, property damage and personal injury for a 3rd party attending your wedding event.
Liquor Liability Coverage
The venue management may also require this coverage if alcohol is served at the wedding. It covers the insured and immediate family for damages caused by an alcohol-related accident caused by a third party at the event. This coverage can only be purchased if Liability Coverage is purchased.
A wedding or special event can be a significant investment to the host(s) and in some cases, can result in a significant financial loss if an accident happens. Rather than taking the risk, speak with an experienced agent or broker to find out how you can mitigate this risk in an affordable manner.
