Wedding season will be here very soon and while every bride dreams of the perfect day, very few think about what could possibly go wrong. From a sick bride or groom to a wedding weather disaster, unwanted catastrophes can come in all shapes and sizes for this special day.
Weddings are big business. The Wedding Report says there are 2.1 million weddings in the U.S. each year, with a total value of more than $54 billion. The average cost of a wedding is $25,000 and that number is even higher in urban areas. If it’s a destination wedding on a remote island or in an exotic locale, it can be a very expensive proposition.
Source: Patricia L. Harman, Property Casualty 360
Like any large event, there are a lot of moving pieces with a wedding… caterers, florists, limo drivers, musicians, videographers and photographers, the bridal party and guests, the venue and the weather–and any one of these factors could become a problem.
Fortunately, there is insurance available to help manage the risk and reduce the sting of a less than perfect day. Of course it won’t cover the argument that Aunt Edna had with Uncle Charles, but it could cover the presents that were damaged when they knocked the gift table into the wedding cake.
Wedding insurance runs anywhere from about $95 to more than $500 depending on the amount of coverage needed. Travelers Insurance recommends purchasing enough insurance to cover what you would lose in a worse-case scenario if the wedding needs to be cancelled or rescheduled for some reason. Some plans have deductibles, others do not, so check with your insurer regarding any additional charges. Insurance usually covers non-refundable deposits and some purchases if circumstances beyond your control require you to cancel or reschedule the wedding. However, if the bride or groom gets cold feet, that won’t be covered.
Still not sure if you need insurance? Then here’s a look at some of the possible wedding day mishaps that can be covered with an insurance policy.
Wedding Venue
When the Manor Tavern, a historical restaurant in Maryland that dates back to the 1700s, caught fire in 2002, it displaced several weddings and other events that were scheduled there the following weekend. Fortunately the caterers were able to find another facility nearby and the weddings still took place, but it could have been a very different story for the two extremely disappointed brides.
Wedding insurance would have covered the cost of cancelling the weddings because of the fire. It also covers venues that may be inaccessible because of weather (like flooding after a hurricane), settings that have closed and not reopened due to construction, a banquet hall that has lost its license, or those that have gone out of business. Insurance covers rescheduling the wedding and the cost of items such as flowers, tent rentals and the reception.
Some venues require that the couple provide proof of liability insurance. The Travelers special event policy has a liability endorsement that allows the rehearsal dinner, ceremony and reception to be named as additional insureds.
Weather
Every bride dreams of the perfect wedding day and it usually doesn’t include a major snow storm (think of this past January and February in Boston) or a devastating storm like Hurricane Sandy.
Wedding insurance will cover the cost of cancelling a wedding if conditions prevent the bride or groom, key family members or the majority of guests from getting to the wedding site. This can be important if the wedding is held in a remote location like an island accessible only by boat or a destination wedding like a cruise that is impacted by severe weather.
Vendor Issues
According to Travelers, 44% of wedding insurance claims involve vendors who were hired for the event, but didn’t perform as promised. This can include a caterer or officiant who fails to show up, requiring the wedding to be cancelled; a limousine driver who is a no-show; a photographer’s camera bag that is stolen during the wedding; and a dress shop or florist who files for bankruptcy right before the wedding.
Insurance could cover everything from lost deposits to possibly reshooting photos after a wedding.
Property Damage
Once the champagne starts flowing and the guests start to really party, there could be some property damage. A reception held at a historic venue may have artwork or furnishings that could be damaged when Uncle Howard dances into a priceless sculpture or an inebriated guest falls into the champagne table, damaging it and the Oriental rug underneath. Travelers says 28% of its claims involve wedding-related property damage to a location.
Illness
According to WedSafe, a bride’s father suffered a bicycle accident and broke his pelvis, which caused the wedding to be postponed. Event cancellation coverage provided over $13,500 for the rescheduled wedding. For Travelers, approximately 8% of wedding claims involve illness or injury to the bride, groom or a key member of the bridal party, requiring the wedding to be cancelled or rescheduled.
Bridal Attire
WedSafe describes a wedding where a guest accidentally spilled red wine on the bride’s wedding dress. Since the stain couldn’t be removed, the skirt had to be replaced before the dress could be cleaned and preserved. The claim was valued at $3,275. Travelers says 6% of its claims involve problems with bridal attire. Insurance will also cover a wedding gown that is lost, damaged or stolen.
Imagine having to miss your wedding because of work. Wedding insurance will also cover a bride or groom who is in the service and is unable to attend the wedding because of being deployed or having their leave revoked. Additional insurance coverage is available for special wedding jewelry, liquor liability, wedding gifts that are stolen or damaged at the wedding, and personal liability to cover accidents that may occur at some point during the event itself.
Most weddings have been planned down to the tiniest detail since the bride was a child. They are usually one of the largest parties a couple (or their parents) will ever host. Receptions take just over 50% of the wedding budget, video and photography 14% and the venue 11%. When the anticipated perfect day doesn’t go quite as planned, wedding insurance can help prevent it from being a complete financial disaster.