Wedding is a special occasion in life and people plan well in advance regarding every specific detail in advance. All the aspects from the booking of reception hall to the honeymoon plans are made. Everyone tries his / her best and cover everything but human beings are prone to unintentional error which can spoil all other arrangements.
Wedding insurance looks after the investment of the couples which are not in their control and repays all the incurred expenses. For instance, if groom loses expensive tuxedos at airport and needs to get a new one or if reception hall goes out of the business one month before the marriage and people need to book other place, wedding insurance comes forth with a financial solution. All these big financial losses can be covered and wedding occasion can run smoothly in time.
Benefits of Wedding Insurance
One of the best financial investments on the wedding day is the insurance coverage. There are various risk factors and unexpected problems which can supposedly ruin the big wedding day. In addition to the core cover, this insurance also provides liability coverage for the insurance holders as well as their guests. General wedding insurance costs vary between $155 and $550 which is dependent upon the type of coverage required by the policy holder. Moreover, there is liability insurance which costs around $185 providing accident coverage up to $1,000,000. Its benefits include following coverage aspects:-
Lost Deposits : If a specific vendor runs out of the business under bankruptcy or fails to turn up before wedding, then deposit can be reimbursed under this insurance.
Formal Attire : If groom’s tuxedo or bride’s wedding gown gets damaged or lost, it can be replaced or repaired.
Severe Weather : There is repayment for non-recoverable expenditure if wedding gets postponed due to a natural disaster.
Lost Wedding Rings/Bands : All the repair and/or replacement costs for the lost or damaged wedding rings or bands are covered.
Ruined Photos : Re-taking costs of the photos are covered if negatives gets damaged or lost with an additional possibility of defective photographic film.
Transportation Shutdown : There is reimbursement against the non-recoverable expenditure if bride, groom or their parents are prevented from reaching the destination due to commercial transportation shutdown.
Damaged or Lost Gifts : Sometimes wedding gifts may get lost or damaged to carelessness. These gifts are precious and are supposed to be repaired or replaced if any of the above mishaps occur. This insurance provides reimbursement against the repair and/or replacement.
Call to Duty : Sometimes, military calls bride and/or groom to duty unexpectedly postponing the wedding to an unknown date. In this case, all the associated non-recoverable expenses are covered.
Liability Coverage : This additional policy portion provides coverage against the injury to the guests and/or damage to the property.
Sudden Illnes. This is useful if bride, groom or their parents all of a sudden fall sick; then wedding insurance can prove beneficial by providing reimbursement against all the non-recoverable expenses.
Supplementary Expenses : If pre-booked but unavailable vendor is replaced by a new vendor, then calculated difference can be reimbursed to the insurance holder.
Types of Wedding Insurance
Wedding is one of those occasions which are supposed to be planned way before "the" day. Similarly, wedding insurance should be availed 1 year before the wedding occasion for its full effectiveness. This insurance can be divided into two types namely event cancellation/postponement coverage and liability coverage.
Wedding Cancellation/Postponement Coverage : There can be some tragic moments when wedding can get cancelled or postponed. This coverage can offer complete coverage against the postponement or cancellation expenses but it is quite expensive with higher premium rates.
Liability Coverage : This coverage is applicable when there are some mishaps in the wedding occasion leading to financial liabilities to the third party. Here, premium amounts can vary depending upon the location and the type of liability.
Various Wedding Insurance Companies
Wedding is a pure occasion and many insurance companies are providing extensive coverage for protecting couples against any unforeseen mishap. Some of these companies are:-
Established in 2007, EquiInsurance provides coverage against all types of financial risks associated with wedding. They also deal in other types of insurances like auto, boat, BOP, commercial auto, commercial property, flood, garage, general liability, homeowner’s, liquor liability, marine, motorcycle, restaurant, trucker’s and workman’s comp. Under EquiInsurance, couples and/or their parents can purchase wedding insurance policy at minimum cost of $160. They provide various benefits while covering aspects such as:-
- Spoiled photos
- Venue based insurance
- Liquor liability coverage
- Natural calamities
- Lost bands/rings
- Lost deposits
- Damaged gifts
- Supplementary expenses
Wed Safe is part of AON. The company offers wedding insurance plans in USA and it has been underwritten by Markel American Insurance Company. Wed Safe’s marriage insurance products bring a peace of mind for bride, groom and their parents. They provide both the types of insurances in terms of wedding cancellation/ postponement and wedding liability. If insurance holders purchase both the policies together, then they get 15% discount on their premiums.
Wed sure provides wedding and other private event insurances through R.V. Nuccio & Associates Inc. Wedsure.com is a newly launched website by RVNA which provides nine optional covers for safeguarding a wedding occasion. These optional covers are:-
- Personal liability
- Rented property
- Deposits losses
- Special attire
- Professional counseling
Couples and/or their parents can purchase the wedding insurance policy at a starting price of $95 which may vary as per the coverage taken and place of wedding.