A Guide to Wedding Insurance
A Guide to Wedding Insurance
“We highly recommend all couples get wedding insurance,” says Emily Gordon, founder of Pittsburgh’s Em & E Events.
“It is worth every penny!”
Often overlooked during the planning process, wedding insurance can prove invaluable for protecting your investments. In the wake of COVID-19, many couples may wonder if their existing insurance policy covers a cancellation—or if they still have time to buy coverage. (Please note: we are not legal or insurance experts; carefully read your policy and contact your insurance provider before making any decisions regarding wedding insurance!)
What Is Wedding
Wedding insurance protects you financially from cancellation, postponement, or other liabilities. Some venues require you to purchase a policy before booking, and many have their own coverage, too. There are two types of wedding insurance: liability and cancellation.
What Does Liability
Slippery dance floor? Candle mishap? A guest had a little too much fun at the afterparty? That’s what liability coverage is for. If venue damage or guest injury occurs during the wedding, liability insurance protects you. Most wedding planners recommend this type of coverage at minimum.
What Does Cancellation
This type of coverage protects you if your wedding can’t be held as scheduled due to things beyond your control (weather, family illness, vendor no-shows, etc.). Cancellation coverage is meant to reimburse payments you’ve made to vendors, especially the big ones (a.k.a. venue, photography, florist). A wedding cancellation insurance plan often costs more, since it covers more.
When Should I
Some insurance plans require that you purchase a certain amount of time (usually 15-60 days) before the event, so the sooner the better! If COVID-19 concerns have made you consider purchasing insurance, carefully check the policy or reach out to the provider before you buy—most newly-purchased plans will not cover related cancellations.
Individual insurance companies are still determining whether COVID-19 cancellations are covered; many will not cover the current pandemic, so contact your provider and ask explicitly before making plans that rely on insurance. Emily Gordon adds, “After researching and speaking with lawyers and insurance reps, [it’s] important to note that event insurance does not cover this because it is not a natural disaster or an ‘Act of God.’ Getting insurance now will not cover it, as it would be seen as a pre-existing condition.”
Most people are familiar with travel insurance, the most comprehensive being CFAR (Cancel For Any Reason). If your guests have booked travel or are booking for future events, thoroughly review your travel insurance policies for COVID-19 coverage. Most airlines, hotels, and resorts are also working with travelers to reschedule trips, so reach out to those vendors as you determine your options.
Before You Decide...
While we hope this general guide is helpful if you’re navigating the world of wedding insurance, each couple’s circumstances are unique and the current situation is changing daily. For additional guidance, check out the resources below or reach out directly to your insurance provider.