What should my wedding insurance policy cover?
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.
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 reimbursement 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.
Reimbursement 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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