Wedding Insurance: A Savvy Purchase?
With spring approaching, many wedding plans are in their initial stages. Most weddings proceed without any major problems or interruptions. However, this pleasant scenario does not always work out. A host of problems, some major, can occur to disrupt this important event, including the following.
The bride or groom suffers an unforeseen injury or illness.
An immediate family member suffers an unforeseen injury or illness.
The bride or groom is unexpectedly called for military deployment.
The bride or groom becomes unemployed.
A hurricane, flood, tornado, or power outage disrupts the wedding or honeymoon.
The wedding dress or wedding presents are stolen, lost, or damaged.
The best man loses the wedding ring.
The deposit for the caterer, venue, bridal boutique, or band is lost because the service provider went out of business.
An injury occurs to a guest at one of the wedding events.
The wedding photographs or videos are destroyed or the photographer fails to show up for the event.
Wedding insurance provides valuable protection from these events, since many weddings are costly affairs. The policy provides wedding cancellation and postponement coverage, which pays for deposits forfeited and other charges paid for transport, catering services, wedding accommodations, photographs, flowers, entertainment expenses, wedding attire, and related items, subject to the following five exclusions.
Any circumstance known to the bride or groom at the policy inception date that causes the cancellation or postponement of the wedding
Lack of funds, other than due to unemployment, after the inception date
Failure to notify the contracted provider and avoid the loss after it was necessary to cancel or postpone the event
Named insured knowingly breaks a law, which renders it impossible to hold the event
Weather conditions, unless the conditions are so extreme that they prevent the bride, groom, close family members, or the majority of the guests from attending the event
A wedding insurance policy also provides additional services coverage. This includes those services not originally anticipated which are incurred to avoid an otherwise necessary cancellation or postponement, for up to 125 percent of costs of services originally contracted. An example would be the hiring of a photographer at the last minute for an additional cost, because the original photographer went out of business.
Common covered claims under this policy include the postponement or cancellation of a wedding due to a sudden illness (e.g., appendicitis or heart attack), an automobile accident, or the sudden disease of the bride, groom, or significant family member.
The policy offers nine specific coverages, including the following.
Cancellation or postponement
Photographs and video
Who Should Purchase This Insurance?
This insurance may not be for every prospective bride and groom. If a small or inexpensive wedding is planned, the cost of the insurance may outweigh the benefits. An example might be a smaller wedding in which the bride and groom have extensive financial resources, but with an extravagant honeymoon planned for which they have purchased travel insurance.
For large and expensive weddings in which the bride and/or groom want everything perfect (which is nearly always the case), this insurance may be a wise investment. It is recommended that the insured get quotes and sample policies from more than one organization to compare premiums and coverages for the right fit. Ideally, this should be purchased far in advance of the wedding, before any expenses are incurred.
Contact Southern Insurance Associates at 706.996.8788 or Info [at] SouthernInsuranceAssociates [dot] com for a review of your current insurance coverage or for options of new insurance. We look forward to hearing from you and how we can help! We insure in GA, TN, AL, and SC.