Wedding gone wrong? 5 ways insurance could help set things right.
Everyone who has ever been involved with planning a wedding will tell you how stressful it is. From the guests and food to the seating arrangement and music, no detail can be overlooked.
Unfortunately, everything can’t be accounted for and some unexpected inconveniences may pop up and disrupt all the wedding plans. Whether it’s inclement weather or contractual dispute with a hired party, consider covering your wedding with some insurance to mitigate all possible risks.
Here is the list of the top five wedding disasters:
Wedding disaster No. 1: Vendor fails
Vendor issues, like the venue going out of business, make up 30 percent of wedding insurance claim dollars — the largest share — paid by Travelers Insurance. Wedding insurance policies will often reimburse you if you have to book a last-minute vendor or reschedule the wedding if a vendor backs out.
Wedding disaster No. 2: Someone gets injured
Weddings are fun. Often they’re so much fun that someone gets hurt. If there’s an injury at your wedding, you could be held liable — and that’s what wedding liability insurance is for. Wedding liability insurance is typically a separate policy from cancellation insurance, though they can be purchased in a bundle.
“As you might expect, we do see many injuries that occur on the dance floor,” says Steve Lauro, vice president at Aon Affinity, parent company of WedSafe, a seller of wedding insurance. Among claims to WedSafe, 28 percent are for injuries or accidents that occur at weddings.
In some cases, you could also be held liable if someone drinks too much and causes an accident. Liquor liability coverage may be sold as add-on coverage for wedding liability policies or included at no charge.
Wedding disaster No. 3: Extreme weather
When you’re booking the venue months beforehand, you cross your fingers and hope for good weather. Of wedding claims to Travelers, 16 percent of dollars paid out are due to extreme weather.
Coverage typically doesn’t include a rain shower or a blustery day that might ruin your party’s updos, because the wedding can still go on. But if there’s a tornado, hurricane or other destructive weather that prevents guests or vendors from arriving, a cancellation policy pays for costs to reschedule.
Wedding disaster No. 4: Medical emergency
Attire represents just 2 percent of wedding claim dollars paid by Travelers. However, tuxes and gowns are such an important part of weddings that they are commonly included in wedding cancellation policies.
Wedding disaster No. 5: Lost or ruined attire
Attire represents just 2 percent of wedding claim dollars paid by Travelers. However, tuxes and gowns are such an important part of weddings that they are commonly included in wedding cancellation policies.
More than 40% of 2017 wedding insurance claims stemmed from the need to cancel or postpone the big day, according to data from Aon Affinity’s WedSafe. You need insurance that provides two options: wedding liability coverage and wedding postponement/cancellation coverage.
Of course, cancelling or postponing a wedding is the last thing on your mind when you’re in the planning process, but statistic numbers show it’s very much a reality that couples must prepare to face.
