How to Protect the Happiest Day of Your Life

When we envision weddings, we fantasize about the best moments of the big day – a stunning bride, exquisite photos, tears of joy, stellar food, and a night to remember.  Often times we fail to plan and consider the unexpected events (that could result in complete catastrophe).  Planning for such events can alleviate added stress and financial hardship!  Foreseeing potential disasters might sound like a damper and an additional task added to your already extensive list but imagine all the painstakingly long months of coordinating details gone to waste.  Thoughtful planning to mitigate risks is often the best path to peace of mind – especially when it affects your wallet.  

Organizing protection for your special day is similar to creating a contingency plan. Taking into account the unique nature of different events and obtaining guidance from a knowledgeable advisor can minimize financial losses and angry guests. Whether as a stroke of bad luck or unpredictable circumstances, we rely on insurance to support us when situations take a wildly unexpected turn.  You may not be able to prevent every risk at your wedding, but there are options to protect this important day with the proper coverage.  Even with the right insurance, however, there lies a responsibility of the organizers to do their part in reducing and managing risks.  Discussing the details of your wedding from beginning to end with a trusted advisor can help create the best plan to mitigate potential losses.  

Synopsis of Wedding Insurance

What exactly is wedding insurance? Wedding insurance is designed to protect the financial investment of those critical days leading up to and on your wedding day from circumstances beyond your control in addition to reimbursing you for expenses incurred.  Some common examples include the following: 

• Your groom’s custom-tailored suit lost in the chaos of airport baggage.  He’s then forced to spend money on a brand new one two days before the wedding.
• An unprecedented global pandemic causes the venue (for which you planned your wedding) goes out of business a month prior to the big day.  You’re forced to forfeit your deposit and are in dire need of finding another space. 

Anyone working in claims can certainly describe the outrageous, hilarious, and unfortunate losses that have occurred with special events.  Have you ever thought there was a remote possibility that a balcony would cave in simply because of the number of guests?  This has in fact happened.  Weddings hosted at home with beautiful balconies overlooking the reception below can pose a major risk.  It can occur when the quantity and the weight of guests are significant enough to cause it to collapse.  Not only could this lead to chaos, the potential disaster could result in bodily injuries and property damage.

These are just a few examples of wedding day financial losses that wedding insurance can help to protect.  

What are some important items that get overlooked during the big day? 

• Bodily Injuries 
• Cancellation 
• Liquor Liability 
• Damage to Property (including the Wedding cake!) 
• Potential Fire and/or Water Damage Hazards 
• Food Poisoning (if you prepared food for your at-home wedding)
• Venue catches fire a week prior to the wedding and burns down 
• Theft of wedding gifts 

Main Components of Wedding Insurance

Not only does wedding insurance offer you protection for the big day such as liability, cancellation, bridal attire, loss of deposits, and even wedding stationery, it also provides honeymoon cancellation coverage. 

Liability protects you from responsibility from any accidents or injuries during the big day.  We all know very well how an open bar can quickly get out of hand so wedding insurance offers protection for alcohol-related incidents.  Wedding insurance even includes coverage for your rehearsal dinner, ceremony, reception and gift opening! 

March 2020 opened a field of uncertainty and revoked our ability to gather with friends and family.  Celebrations were subsequently cancelled and left organizers, vendors, and guests on stand-by for nearly two years.  With the slow progress, celebrations and events seem to be able to roar back this year.  If you’ve experienced a postponement or cancellation of a wedding in 2020 and are preparing to announce the long-awaited date sometime this year, you should include Wedding insurance as a strategy to safeguard your investment.  If you have large non-refundable deposits on the line, you may be rightfully nervous about what happens if you’re unable to host the event.  Cancellation insurance reimburses you for money spent in the event your wedding may be called off.  

Considering having a wedding in a different country?  Protection is also available for destination weddings provided the legally binding ceremony occurs at the destination location.

A specialized Wedding insurance plan protects you for the following scenarios: 

• Commercial General Liability: including Host Liquor Liability for three (3) 24-hour periods.   
• Wedding Cancellation: An unprecedented, global pandemic that causes daily life disruptions, travel restrictions, and laws banning large gatherings.  Does this ring a bell?  Wedding insurance protects the costs paid for your ceremony from similar extraordinary circumstances beyond your control. An insured would be reimbursed deposits paid or contracted to be paid because of unexpected cancellation of the wedding. 
• Honeymoon Cancellation: Reimbursement if an Insured suffers a loss of pre-paid, non-refundable cost of travel due to the cancellation of the actual wedding. 
• Loss Deposits: Payment for non-refundable deposits made to providers of any booked goods or services if they suffer financial failure. 
• Wedding Photos and Video: Payment of the extra expenses necessary to retake the photos if they cannot be reproduced for any reason including non-appearance of the photographer.  
• Bridal Attire: Coverage for physical loss or damage to the bridal attire once the property is in the care of the Insured.  
• Wedding Gifts: Insurance for direct physical loss of or damage to wedding presents (24 hours prior to and after the wedding) while property is at the couples’ home or reception location or in transit between the two.  
• Rings: Covers physical loss or damage to wedding bands. 
• Wedding Cake and Flowers: Direct physical damage or loss to the wedding cake or flowers seven days prior to the wedding. 
• Wedding Stationery: Physical damage or loss to the wedding stationery prior to the wedding. Includes invitations, RSVP cards, menus and name cards. 
• Rented Property: Reimbursement of direct and physical damage to rented property used during the wedding reception. It includes, but is not limited to, temporary outdoor shelters, such as tents or marquees, tables and chairs, stages, audio and visual equipment. 
• Worldwide Destination Wedding Coverage 

Important Takeaways

In order to create the best plan, discuss the following with your Stratis Insurance Advisor: 

• List of expenses – Identifying big ticket items can help you determine whether you need a policy with more protection or if standard limits will be sufficient. 
• Travel – Confirm whether your Wedding is local or if it will take place in another country.  Also confirm if you plan to jet set to another location for your honeymoon. 
• Policy details – The policy length term, how many days of coverage you require, number of guests, any additional named insureds, and any preventative measures already in place. 
• If available and you’re able to afford, consider opting for a higher deductible to reduce the overall premium; if your costs are lower, a $0-deductible plan might be a better decision. 

Each wedding certainly has its own distinctions and depending on the location, the type, and the size, there are many different risks to consider.  Knowing where to begin may seem daunting but Stratis Insurance Advisors guide you in navigating through these challenges quickly.  Our experience allows us to understand the nuances so we can tailor protection for your special day and alleviate your stress load.

 

Have further questions?  Connect with a Stratis Insurance Advisor today and visit our LinkedIn, Instagram and Facebook for updates and tips!