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Do you need wedding
insurance?
Couples usually
go to extreme lengths to ensure that they get the minutest of details
right on the wedding day of their dreams, however there are several
factors usually out of anyone's control that could have an immense
impact on the day and cause the bride and groom to postpone their
special day.
From experience, the illness
of the bride or groom (or a close family member) or unforeseen contingencies
like inhospitable weather, lost deposit to a vendor who is no longer
trading, or misplaced wedding rings, are all risks that have been
safeguarded by a wedding insurance policy.
In view of the level of investment
that goes into weddings these days it makes good sense to ensure
that the investment is secure and also provides the bride and groom
with peace of mind in knowing that their big day is covered. These
policies are reasonable and can be tailored to meet the needs of
couples planning either large or small events.
What is wedding insurance?
Wedding insurance covers you from the financial
effects you are likely to suffer in the event that your wedding
is cancelled or postponed due to circumstances which are virtually
out of anyone's control. It also covers certain major elements of
your wedding (e.g. audio-visuals, photography, wedding attire, jewellery
and gifts) is lost or damaged.
Most policies will pay out in the event of
a cancellation or postponement which results from causes like adverse
weather, illness, unemployment and, in many cases, terrorist acts.
Some policies also provide the ability to purchase liability and
property damage coverage to protect the wedding couple against claims
for damage to the premises and/or property rented for the wedding
reception and host liquor liability.
What is usually covered?
There are various risks that can be covered
and the following are just a few:
- Weather - if the policy is purchased more
than 14 days before the wedding and the celebration is prevented
by extremely bad weather (and this does not include stormy skies
or rainfall), the policy will pay out the cost
of rescheduling the event.
- Key people - assuming due to illness or
injury people essential to the wedding are not able to attend,
the policy will pay for the cost of postponing the event.
- Service providers
- in the event of a non-appearance of your caterer with
the food, or a fire destroys the reception site or one of your
key suppliers goes out of business, the policy will pay for the
cost of your non-refundable deposits paid and expenses incurred
to enable you reschedule the event. Some policies will pay for
the increased cost you will incur to replace items or services
to avoid the postponement of the event.
Additional cover
Photographs & video - should your photographer
fail to show, or the film used for your photos prove to be defective,
or if the negatives are lost, destroyed, or improperly developed,
this policy will pay for the cost you incur to reunite the wedding
party for a re-shoot to capture your wedding memories
Gifts - the policy will pay out in the event
that your wedding gifts are stolen, damaged or lost.
Wedding attire - the policy will pay for repair
or replacement of your wedding gown or the attire of one of your
attendants should these be lost or damaged.
Personal liability - more and more ceremony
and reception sites are demanding that wedding couples provide public
liability insurance to protect them against damage to property or
injury to guests. Lack of adequate cover could leave couples vulnerable
to exorbitant litigation bills, bearing in mind the increasing nature
of the litigious society we live in.
Rented property - cover is provided for loss of, or damage to hired
marquees or tents together with staging, chairs, tables and ancillary
equipment - up to a maximum of £50,000. The first £100
of every loss or damage claim is excluded under this section
Article provided for Affiniti by Richard
Osei-Anim. Richard is a Director of Launceston Business Ltd who are
Financial Services, Insurance, Risk & Management Consultants.
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