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Spring is the Season for Weddings and Liability

Weddings are an event that are typically planned for over a year.  It’s supposed to be a happy day for the bride, groom, family, and friends.  However, there are many unforeseen issues that can wreak havoc on your wedding day.  Luckily, there’s an insurance policy available that can provide coverage for some of these issues.  Wedding event insurance can give the happy couple some peace of mind, because even if everything doesn’t go as planned, they will get reimbursement from certain covered perils of the policy. 

Wedding insurance provides coverage for cancellation or postponements or property damage and bodily injury. Wedding Liability also includes coverage for host liquor liability.  Yes, the bride and groom can be held liable for alcohol-related accidents and this insurance will help protect them.  In fact, in today’s society the bride and groom can be liable if someone trips and falls at the venue.  You can purchase the cancellation only coverage or the liability only coverage or both as a package. 

A wedding event package policy generally provides the following coverages:

  • ·         Wedding cancellations or postponements;
  • ·         Lost deposits for canceling or postponing the event;
  • ·         Lost or stolen jewelry and gifts;
  • ·         Event photography that isn’t delivered;
  • ·         Damage to wedding attire;
  • ·         Miscellaneous expenses that you may incur to avoid a cancellation;
  • ·         Injury to a guest at your wedding;
  • ·         Property damage at the venue;
  • ·         Host liquor liability for alcohol related accidents/injuries.

Most couples don’t want to think about anything going wrong on their wedding day.  The cost of a wedding event insurance policy is small compared to the cost of only one thing going wrong.  Following are actual claims and the percentage of each type of claim that were paid out by Travelers Insurance for wedding event policies in 2012. 

  • ·         24 percent – vendor problems – these involved issues with the photographer, caterers going out of business, DJs not showing up, and issues with wedding planners;
  • ·         19 percent – illness and injury – the bride, groom, or key members of family such as parents or grandparents who can’t attend due to last minute sickness, untimely deaths, or travel delays;
  • ·         15 percent – venue issues – venues can go out of business or sustain damage from weather-related events, vandalism, or equipment problems;
  • ·         14 percent – weather – outdoor weddings have to be cancelled if it rains and snowstorms, icy conditions, hurricanes, and tornados can affect weddings that are held indoors;
  • ·         10 percent theft – wedding gifts, cards with money, etc.;
  • ·         9 percent damage – property damage to the wedding venue;
  • ·         6 percent attire – dresses, tuxedos, and other wedding attire;
  • ·         3 percent military – unexpected military deployments or other obligations.

Source: www.markeleventinsurance.comwww.propertycasualty460.com

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