I am not an insurance professional. I know a little bit about what can be offered, and that is what I am discussing here. But I am making no warranties about what your policy does cover. You must ask your broker for clarity on everything.
There are two main types of coverage, liability insurance and cancellation or postponement coverage, and you can get one or both.
Liability Situations
What is Liability Insurance? Liability insurance provides the insured with protection against claims resulting from injuries and damage to people or property. Liability insurance policies cover both legal costs and any payouts for which the insured would be responsible if found legally liable.
Expenses to retake photo – In the event that your photographer goes AWOL after your wedding, without delivering your photos , you will be grateful to have this insurance coverage. This has *almost* happened to two of my couples – eventually we did wrest the images from the vendor. It should offer some reimbursem*nt of expenses to retake photos – this could be hair and make up, attire cleaning, even travel expenses. Again, ask for clarity from the insurance broker.
Loss or damage to attire – I do not think this would cover damage to your attire before the wedding day, but you should clarify. And certainly I have heard stories of seamstresses ruining attire before the wedding. But also there are spills and tears that can happen on the wedding day and it might be nice to have this covered.
Loss or damage to gifts and presents – Definitely a topic no one wants to consider, but it can happen, and you will be glad for the coverage if it does.
Reimbursem*nt of direct and physical damage to rented property – This is not referring to the venue (I think.) This refers to the smaller items you rent – linens, lounge furniture, chairs. In the event of a vintage sofa being ruined by stain or flame at your wedding, you won’t be out the hundreds (thousands?) to replace the one-of-a-kind item.
Medical payments – This is for coverage of your guests and maybe also your vendors and their staff. If someone slips and falls, and they are uninsured or under-insured, they may need to file against your policy in order to cover their bills and get back on their feet.
Special jewelry coverage – The very first thing you do after you get engaged is… not call your parents. It is call your home or renter’s insurance policy and add the engagement ring (or other gift.) FYI you will need an appraisal to do this. But that is not what I am talking about here. Because your engagement ring (and wedding bands) will already be covered by said home policy because you are responsible adults who took care of this. I this this coverage is talking about the heirloom pieces that I see come out for weddings. A right hand ring (something blue?) or a tennis bracelet (something old?) Have all of these items been properly insured? In case not, this can help, possibly without an appraisal. Again, ask your broker for clarification.
Cancellation and Postponement Situations
What is Cancellation Insurance? This type of insurance coverage reimburses you for costs if you have to cancel or delay your wedding due to certain situations – read the fine print very very carefully.
Unexpected cancellation, including honeymoon – this is the crux of the policy, so ask all the questions and understand all the loop holes.
Illness of Couple – I think it is going to be hard to get any policy that covers any kind of epidemic or pandemic scenario. The one caveat here SHOULD be in the event that one or both of the engaged couple were to fall ill, regardless of what the diagnosis is.
Bankruptcy of venue and vendors – Sadly, this is my biggest concern for the next 6-18 months. Certainly with the pandemic (and likely coming recession) some wedding businesses will close their doors. I am generally worried about companies that have to carry high overhead, an expensive lease and inventory, being able to sustain the current drought of cash.
Terrorism – This is something that I have made sure was in every insurance policy and force majeure clause since I started my business in 2006. We live in the DC metro area, it runs the risk of a terrorist attack. But if you like in the middle of the country, that doesn’t mean you should overlook this. Flight 93 went down in a rural part of Pennsylvania. The folks who worked in the Murrah building in OKC were certainly not in proximity to Washington DC or NYC.
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Wedding insurance can pay for damage or injuries that occur during the big event, or reimburse you if it's postponed or canceled. Depending on the policy, your insurance may cover not just your ceremony and reception, but also your rehearsal dinner or farewell brunch — plus the setup and takedown for the main event.
Areas of coverage include wedding dress insurance, jewelry, wedding gifts, lost security deposits, cancellation or postponement, wedding photography and videography, as well as optional add-ons, including weather, liability, sudden illness and active call of duty.
General liability insurance protects wedding planners from third-party claims of bodily injury or property damage, insulating you from claims made by venues, guests, or contractors. Professional liability insurance for wedding planners protects from claims of negligence or mistakes related to your services.
Wedding liability insurance covers items such as damage to the facility caused by a guest or vendor, bodily injury to guests, or even alcohol-related accidents.
Typical costs: Wedding liability insurance typically ranges from $165 to $200. A $185 policy will typically cover $1 million in accidents. Wedding cancellation insurance typically costs $95 to $1,000.
Can married couples have separate health insurance? Spouses do not have to be on the same plan, which means that if you both have individual plans that you love, there is no reason to lose that coverage. However, you also have the option to be on the same plan, which may be a more economical choice for some couples.
Insurance costs are typically lower for married people. Multi-policy discounts and the lower price that comes with being married are just a few of the insurance benefits.
Special event insurance, sometimes called wedding insurance, typically comes in two types of coverage: Event cancellation coverage and event liability protection.
Some common resolutions today are for the couple to pay for everything; for the bride's family to pay for half and the groom's family for half; or, for the couple to pay one third and each side of the family fund another third. If another combination works best for you, then it's the right one.
Does homeowner's insurance cover the liability? Sometimes homeowners' policies provide general special event coverage, including a wedding but the policy may have exclusions, such as the wedding has to be at the family home.
Liability insurance is critical for those who are liable and at fault for injuries sustained by other people or in the event that the insured party damages someone else's property. As such, liability insurance is also called third-party insurance.
Whether a cancellation coverage wedding package is needed depends on your circ*mstances and risk tolerance. It can provide valuable protection if unexpected events force you to cancel or postpone your wedding—possibly saving you thousands of dollars.
How much does event insurance cost? The cost of wedding liability insurance can range from $75 to $235, depending on coverage limits and coverage options chosen. Liability limits start at $500,000 and liquor liability coverage can be excluded if there is no alcohol being served at the event (lowering the premium).
Some weddings will cost more than $100,000 (about 4% of those surveyed plan to spend this much), while other events could come together for less than $5,000 (about 3% of weddings this year). Nearly a third of couples also say they expect to use credit cards to help pay for it all.
On average, Insureon customers pay $42 per month, or about $500 annually, for a $1 million general liability insurance policy. Additionally, 29% pay less than $30 per month, and 40% pay between $30 and $60 per month. Customers who need more coverage will likely pay a higher premium.
Joint life insurance, also known as survivorship life insurance, is a special type of policy that covers two individuals, usually married couples. It allows one policy for a couple and pays a death benefit upon the first passing. The policy makes a lump-sum payout upon the death of the surviving spouse.
Married people usually pay less for auto insurance because they're statistically less likely to file claims. However, if your spouse has a bad driving record or poor credit, you might save money by maintaining separate car insurance policies.
If you and your spouse have shared debts, like a mortgage, car payments or college debt for your children, you probably don't want your partner to be completely responsible for repayments if you pass away. Life insurance can help ensure your spouse isn't overwhelmed by debt payments if anything happens to you.
Introduction: My name is Allyn Kozey, I am a outstanding, colorful, adventurous, encouraging, zealous, tender, helpful person who loves writing and wants to share my knowledge and understanding with you.
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