Insure Your Wedding? Why?

Why are there so many brides and grooms taking out Wedding Insurance? One reason is that quite a few venues include a hiring agreement, which you have to sign, with an indemnity clause. It makes you responsible for any losses or damages resulting from your wedding; some even insist on you having you own liability insurance because they realise that most couples can not afford to make good the kind of losses they could face.

Really?? How much could that be? It isn't just that weddings are expensive, but they all carry what the law calls a Public and Products liability risk. Simply put, you can be held legally and financially responsible for yourself and all your invited guests. Even so, you can always look for a venue that doesn't insist on you taking out insurance for their benefit. Think on, though - there are some pretty good reasons to take out a wedding insurance policy to protect yourself... and it doesn't cost that much: read on...

I attend a lot of weddings, and I have rarely seen one that went just the way it was planned, with no little problems along the way: you have to plan for things going wrong: allow more time than you think you need; have an alternative location if the weather turns bad: you plan, you adjust, you cope. But I have seen a few major incidents, too - and a lot of things are beyond anyone’s control. When something unexpected does go wrong, it is frightening how quickly the costs can add up.

You can't insure against every possible eventuality - Nobody insures against a wedding cancelled because the groom got cold feet! But beyond this, for wedding couples - or their parents - who have lovingly planned every detail and budgeted down to the last penny, even a relatively small loss can be devastating, while a large loss or liability claim can be a financial disaster.

Think of it this way: the average wedding costs upwards of $30,000, making your “big day” probably the second biggest purchase an Aussie couple will make (after the family home). Protecting such a big emotional and financial investment against the unforeseen can not only give you peace of mind, but it can save you thousands of dollars if things do go wrong.

I'm not an insurance salesman, and I don't get any kickback from any insurer, so why do I sound so pessimistic about my favourite celebration? Because it doesn't matter if it's extreme weather, no-show vendors or some alcohol-related incident at the reception. What counts is having to cover the huge costs involved - such as damage to furniture and equipment, disputes with vendors (lawyers love these), and cancellation or postponement of your wedding.

Insurance policies designed especially for weddings covers things like loss of deposit and other expenses, cancellation and postponement costs caused by your booked venue being unavailable (they get flooded, catch fire - I know of one where renovators failed to complete their work on time and it couldn't be used).

 The worst possible scene - the death of the bride, groom and/or one of their immediate family members is such a terrible tragedy. But it's made even worse when the various vendors' bills start arriving for a wedding will never be held. And yes, I have seen something like this happen: a wedding postponed because a grandparent passed away shortly before the wedding day, and another when a wedding was moved at the last minute because a close family member became terminally ill and could not travel to the original destination. The family finished up paying for two weddings.

Less dramatic but equally costly- the bride, groom or someone else really important to the ceremony is hospitalised; or perhaps severe weather conditions prevent the bride and groom from getting to their wedding: BOTH these things actually happened to me personally! The Minister was to perform our wedding ceremony then accompany us to our garden party reception; except a cyclone blew the garden to pieces and the Minister had a hearty attack! Then things started to go really wrong!!!

Have you ever heard of a couple having a dispute with a wedding supplier? Wedding Insurers will negotiate for your legal rights if you get into a contractual dispute arising from an agreement which you have entered into for the buying or hiring of any goods or services and pay for any legal proceedings in courts. It will also reimburse you for lost deposits and help pay to arrange replacement services if someone like a caterer, florist or entertainer, lets you down.

Property cover under a typical Wedding Policy includes compensation for the cost to repair or replace property that is damaged or stolen: that can include photographs and videos; wedding gowns and suits; wedding rings; bridal jewellery; wedding gifts; the cake; flowers; your stationery; and the official  Wedding Documents.

That loss or damage cover extends for 24 hours before and after the wedding,  a time when thieves like to take advantage of your big day.

Other people own things that you could be held responsible for, too: damage to hire marquees and other equipment, rented suits, gazebos, staging, flooring, chairs, tables, furniture, household or lighting equipment hired during the wedding.

Finally, the Personal Liability issue that I mentioned at the start of this blog: wedding insurance covers that, too, up to whatever limit you specify, plus court costs and expenses for issues like accidental bodily injury including death, disease or illness; or accidental damage to property.

There are differences between companies and between policies, and you need to compare before you commit. Look at the optional extras, too, like Honeymoon Cover to protect your home contents while you are off on their honeymoon in case the home is burglarised.

So, from a sudden cancellation to stolen gifts, a damaged gown or a personal injury, wedding insurance can help protect you against the unforeseen, and afford you peace of mind. But can you afford it? Well, Australian premiums start from under $230 for a standard policy including loss of photos, videos, attire, presents, rings, and deposits and Public liability insurance up to $5,000,000.

When should you take out wedding insurance? Insurance companies have limitations on how far in advance you can purchase insurance, but really, the sooner the better. Let's say you put a deposit on your wedding reception hall 12 months before your wedding day but it burns down a month before the big day. Or you buy a dress six months out, which results in a dispute with the supplier because it is not completed to the standard you expected - you aren't willing to pay, she won't make the alterations you feel entitled to and won't return your (substantial) deposit....