Wedding Insurance- your why, what and how questions answered
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Wednesday, October 12, 2016
By The Wedding Authority
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For whatever reason, one of the top taboo wedding topics to address is wedding cancellation or postponement. We get it; you can't imagine being without your other half. So, people will sweep the topic under the rug and never speak of it again. But this isn't a "change of heart" insurance (even though there is an option for that too). We're here to tell you, you NEED to talk about wedding insurance. And not because we think you aren't going to make it to the wedding day but because things can happen to derail your plans. Things that are completely out of your control.

Now, you may think to yourself, "well, if that happened to me, of course, everyone would refund my money." Although that feels like the right thing to do. You are wrong. You see, one of the issues with vendors, and some venues, is when you book them they refuse business elsewhere. Your date is locked in, and the opportunity for them to earn money from another business is gone. YOU are how they're making money and nobody else. That is GREAT unless the wedding is cancelled or postponed. In which case, they no longer have the income. Say you reserved a tent for an outside location because you're worried about rain. It doesn't look like that's going to happen. Hooray, you don't need that tent after all! What a relief for you to have your dream outdoor wedding!  However, that company didn't have a plan B for your tent. It was reserved for your big day. They still need to be compensated for being prepared to work for you, and only you. Maybe that scenario doesn't seem all that pressing. Well then... 

The PRIME example, however, is this past week. Our little town of St. Augustine was struck by a category three hurricane that left our town underwater. FLOODED. Without electricity. Evacuated. YEP, it was a catastrophe. A nightmare of epic proportions. And couples found themselves scrambling for a plan B, C, and D (especially those without a wedding planner, but we won't address that topic today, ha!).  Without insurance, every penny of the money spent on the wedding day is likely washed away with the tides. Some vendors can work with you in this instance. Others can't, or won't. Which is just one more reason why you NEED wedding insurance. 

There can be up to nine different coverage options, but the most well known are Liability Insurance and Cancellation Insurance.  The liability option is to help with possible mishaps and is often required by venues. Professional vendors should already have this in place- be sure to ask!  Cancellation helps protect you in the event of postponement or cancellation. Although this is usually the preferred option for weather related issues, some companies have separate weather-related coverage options that can be added to your policy or purchased individually.  We say it's better to be safe than sorry, so purchasing the two together is ideal. However, if you have to pick one in Florida, we recommend extream weather coverage! 

For the purpose of this post, we're sharing information about Cancellation & Postponement Insurance options, as it's the most relevant to catastrophes like the one we just experienced in St. Augustine (Hurricane Matthew) 

WedSafe & WedSure are the most popular options.  You can also find insurance through Progressive and Nationwide, as well as companies that are specific to your state. 

CSI Special Event Insurance provides weather specific coverage for weddings, versus cancellation specific via their  Big Day (Wedding) Umbrella Insurance plan. 

If you own your home, you may be able to purchase a rider to your homeowner's insurance policy from your current provider also.  

Most policies range between $66-$275 and can be purchased until about two weeks in advance of your wedding day (but please don't wait that long). You should ALWAYS account for this expense in your budget and plan ahead for the purchase.  

Below, we have included the exact information from the WesSafe and Wedsure websites. We are NOT an insurance company. You need to speak to each provider to determine cost & coverage available to you. We simply want you to have all of the information available in one location so that you can make an educated decision regarding your wedding insurance options. 

Cancellation/Postponement
Pays the maximum amount for covered cancellation or postponement of the event, including lost deposits or other charges paid, or contracted to be paid by you, for transportation, catering, property and equipment rentals, hall and location rentals, accommodations, special attire, special jewelry, flowers, event photographs/videos and entertainment expenses.

Extra Expense
Helps pay for extra expenses incurred to avoid an otherwise necessary cancellation or postponement (e.g., should the electricity go out making it impossible to proceed with the reception unless emergency generators are used, the additional cost would be covered up to the limits of the Extra Expense coverage).

Photographs & Video
Provides coverage for losses related to a professional photographer or videographer (e.g., if the photographer fails to appear, or the videographer loses his camera with your digital film, this extension of coverage would help offset associated costs).

Gifts
Provides reimbursement if the wedding gifts are damaged within seven days of the event, this benefit provides reimbursement. Please note that if the gifts are stolen, for coverage to exist the theft must be reported to police.

Special Attire
Provides coverage for damage or loss to special attire like the wedding gown or the groom’s tuxedo. Should a glass of red wine irreparably stain the wedding dress, or the tuxedo splits at a seam, this coverage helps pay for repair or replacement.

Special Jewelry
Pays for special jewelry damaged or stolen during the week preceding your wedding. Because coverage for losing jewelry (e.g., wedding bands) is not included, you may consider adding such items to a homeowner insurance jewelry floater.

Loss of Deposits
Provides protection and payment for a loss of deposit due to a vendor ceasing operations or otherwise not fulfilling their contractual obligations.

Professional Counseling
Pays for professional counseling for up to one year following a cancellation or postponement of an event if a physician recommends counseling

WEDSURE

Cancellation/Postponement 

From extreme weather to severe sickness to job loss, there are numerous unplanned scenarios and events that can wreak havoc with your wedding plans. That’s why it’s just plain smart to have wedding cancellation insurance.

Wedsure’s Cancellation/Postponement Insurance helps safeguard your finances, your wedding and your future. This coverage pays the nonrefundable expenses incurred when the rehearsal, rehearsal dinner, wedding or reception must be canceled or postponed for reasons beyond your control. If the wedding is canceled for a covered reason the honeymoon expenses are also covered.

Top 5 Cancellation or Postponement Reasons

    1. Sickness or injury to the bride or groom.
    2. Damage to the event location prior to the wedding.
    3. No shows by the caterer or officiant for the event.
    4. Loss or damage to the bridal gown.
    5. Withdrawal of a written military leave of absence.

Policies start at $95. Wedsure's Cancellation Insurance is available to quote, purchase and print your documents instantly, online 24/7.  

Loss of Deposits Coverage

  • What if your caterer closes its kitchen?
  • What if your reception site burns down?
  • What if the DJ or band goes out of business?


When you purchase Wedsure Loss of Deposits coverage, any vendor deposits you make are covered in the event of wedding deposit misfortune!

Wedsure's Loss of Deposits coverage can be purchased on its own or in combination with any other coverage. You can enter any coverage limit you desire. Optional deductibles start at $25. Loss of Deposits coverage will pay for lost deposits that you have paid if they become nonrefundable because someone you hired to provide goods or services went out of business. Safeguard your finances with Wedsure's Loss of Deposits coverage!

 

 

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