As Christmas and New Year’s Eve approaches many of you may be getting engaged and that means a wedding! So…Why do you need wedding insurance?
A wedding is an investment. According to a survey done by “The Knot” last February couples spend on average $35,329. That’s a lot of money to lose if something were to go wrong. Additionally, there are liability risks associated with any gathering of people eating, drinking and celebrating.
What are some of the risks?
Vendors who go out of business like Alfred Angelo did. Many of those brides had made substantial deposits on their dresses or wedding party dresses which they did not receive. And while insurance can’t replace the dresses it can replace the money you lost so you can buy somewhere else.
Weather related disasters. You’ve booked your wedding for a specific day in September in Miami and Hurricane Irma cancels everything. Your wedding insurance reimburses you for the deposits and you can reschedule or move the wedding.
Military deployments. You are a couple where one or both of you are in the active or reserve military or even the National Guard. The week before your wedding one of you is deployed. Your wedding insurance will reimburse the deposits and you can reschedule.
Injuries. Your guest has a glass or two too many and sprains an ankle on the dance floor. You can be held liable. Your wedding insurance protects you and pays the guest.
Alcohol related events. Liquor liability endorsements protect you if someone causes an alcohol related accident.
None of these things are pleasant to think about and we all want our weddings to go flawlessly but when was the last time one actually did?
There is one thing, the elephant in the room, that will NOT be covered.
Covid-19 related illness will NOT be covered. As a matter of fact, companies are having couples sign waivers with bullet points as follows:
COVID-19 is an illness caused by a virus (SARS-CoV-2) that can spread from person to person. The virus that causes COVID-19 is a new virus that has spread throughout the world. COVID-19 severity can range from mild to severe, and in some cases can cause death. Everyone is at risk of getting COVID-19, and older adults and people of any age who have serious underlying medical conditions may be at higher risk for severe illness.
As COVID-19 is a known infectious disease and presents circumstances that may reasonably give rise to cancellation and / or postponement of the event, I acknowledge that coverage will not be afforded in any way for such circumstances. This includes, but is not limited to:
Illness to honorees and immediate family members
Illness to vendors associated with the event
Fear or risk of illness or contracting any virus or disease
Closure of venues due to localized COVID-19 outbreaks
Limitations on the number of people allowed to gather or other social distancing guidance
Cancellation / Postponement of the Event due to Government shutdowns
Loss of deposits due to transportation delays or cancellations
Cancellations or delays of the Event due to concerns with COVID-19 outbreaks disrupting timelines
Other impacts directly or indirectly related to COVID-19 circumstances
The lesson learned here would be, plan and quarantine before the big day.
Family Medical Emergency IS Covered.
This actually happened to my family. My brother in law was getting married and the day before the wedding everyone on his side of the family came down with either the flu or food poisoning including the groom. The wedding went on but not the reception. If they had had insurance, they could have cancelled and rescheduled because they would have been reimbursed for their deposits to all the vendors and the church.
If you need to file a claim for your family or a vendor, you will need a statement in writing from a medical professional that the illness or death was NOT caused by Covid. They will not be required to say what the illness or cause of death was.
What’s the cost?
The cost depends on the size of your wedding and how much you have budgeted for it. A small wedding would be as low as $325 while a very large expensive wedding might be as much as $1,400. But, if you consider the dollar to value it’s super cheap. $325 gets you $7,500 in basic coverage with $25,000 in property damage and $1M in liability. That big wedding would get $175,000 in basic coverage, up to $1M in property damage and up to $2M for liability for only $1,400! That’s less than a penny per dollar of basic coverage!
When should you purchase it?
As soon as you start spending on your wedding. Putting deposits down on invitations, the dress, a photographer? Time to insure.
Can you add on or change the coverage if the wedding gets bigger or changes?
Yes, you can. One phone call and a signature confirming the change and you’ll be all set.
Contributed by Victoria Sutherland, licensed insurance agent