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Wedding insurance is a critical part of any wedding and can protect both the couple and venue from unforeseen incidents that could lead to financial loss. Not a great way to start of a marriage.
Fortunately, wedding insurance is very affordable and easy to acquire within minutes, allowing the bride and groom to focus on other aspects of the wedding, while having peace of mind.
Here is a perfect example why wedding/event insurance is critical, while the below example went viral on Tiktok:
So what are the pain points for…
…The Couple Getting Married:
Weddings are already stressful. Finding out from the venue that an insurance policy is required (especially at the last minute) can add further stress to the host. Furthermore, having to research and acquire a policy can take days, even weeks through traditional broker/agent channels.
…Venues:
Weddings are a large source of revenue for millions of venues around the country. As part of the risk mitigation process for these venues, the venue (or their insurance company) require third party renters to secure their own insurance for the event. However, this requirement adds a large administrative burden on to the venue. Administrators need to follow up with renters to ensure they have secured an insurance policy with the right coverage. Also, ensuring that the venue is properly listed as an additional insured on the policy certificate is an additional burden.
…Brokers/Agents:
Because wedding policies can start at $75, it is hardly worth the time and effort for brokers and agents. Policies can take days, even weeks to coordinate, making it inefficient to process wedding policies. However, in order to maintain a strong relationship with venues, brokers and agents continue to (grudgingly) sell these policies and view these as a loss-leader for potential future business from the venue for larger business policies.
“Wedding coverage is a critical coverage, however due to the nature of the product it is hard to prioritize as a broker. The JAUNTIN’ platform allows brokers to service these requests, while entirely reducing the amount of work needed to be done by the broker.” Rain T., Founder, JAUNTIN’
Reasons coverage is needed
Why venues must offer wedding insurance
At the end of the day, a general insurance policy is a requirement for any business. A single claim could lead to a business/venue losing access to affordable insurance options (or even leave it with no options at all). Venues that rent out their spaces for weddings can insulate themselves (and protect their insurance premiums) by requiring third party renters to secure wedding insurance.
A simple indemnification clause in the renter’s agreement is not enough!
Why renters must get wedding insurance
Aside from being made mandatory from the wedding venue, a wedding insurance policy can protect the renter/organizer from lawsuits and financial losses that results from accidents and injuries that occur during the wedding. It also provides peace-of-mind allowing the policyholder to focus on the event.
Not convinced? Consider these examples:
- Photographer’s camera bag with event pictures was stolen during the event. Hotel accused of failing to provide adequate security. Event Insurance paid $3,000 plus defense costs (legal fees).
- Venue held Rentee responsible for damaged carpet at reception. Event insurance paid $5,523.81.
- Wedding guest slips on rose flower. Event insurance paid $4,200.00.
- Groom while carrying his bride dropped her. Law suit against venue. Event insurance paid $12,250.00.
- A guest was injured in a fall on a slippery dance floor. Law suit alleged hotel provided improper dance floor. Event coverage paid – $2,500 plus legal fees (defense).
- A guest moved antique dining table and two table legs cracked. Claim paid by Property Damage coverage – $1,865.
- Pregnant x-girlfriend crashes wedding ceremony. Groom’s sister fights x-girlfriend. Venue, Wedding Planner, Groom/Bride sued. Damages alleged were $120,000. Event insurance settled for $15,000.
- Elderly guest tripped over electrical cord taped to the carpet. Event coverage paid $15, 245.06 plus defense costs (legal fees).
- Guest became intoxicated, killed himself and two others whilst driving home from the event. Law suit filed under Dram Shop laws to hold hotel responsible. Event insurance paid $775,000 plus legal fees (defenses costs).
- Hosts held responsible for damaged table top and other property damages. Event insurance paid by Property Damage coverage – $7,000
- Emerald ring stolen during wedding. Hotel sued for negligent security. Event insurance paid $11,250 plus defense costs (legal fees).
- Gifts were stolen from trunk of car. Event coverage paid $1,088.
- Conventioneer slips on ice/snow at venue. Sues Convention organizers and venue. Event insurance pays $24,500.00.
- Fire damage to venue caused by rentee. Event insurance paid $24,365.60.
- Man sues venue for false arrest/wrongful detainment after crashing wedding reception. Event insurance pays nothing, but spends $55,000 in defense costs.
- Multiple claims filed against hotel for food poisoning. Event insurance paid $4,360.20.
- Fire loss to venue’s ballroom. Event insurance paid $7,000,000 for property damage and loss of business income.
- Guest being interviewed on stage during a convention had heart attack and died. Estate sued for damages alleging that the stress caused by the interview contributed to guest’s death. Event insurance paid policy limits $1,000,000 plus legal fees (defense costs).
- Protester files lawsuit against venue for wrongful detention and false arrest. Event insurance pays $10,000 plus defense costs (legal fees) in settlement.
Why brokers should continue to offer wedding insurance.
Although a traditionally painful product to sell, it is now possible to automate the entire distribution of a wedding insurance policy. This allows brokers to maintain their relationships with the venue with no additional effort. Best of all, the commission is still paid to the broker making special events insurance a passive income source for brokers going forward.
Wedding Insurance: Why You Need It
Do you need wedding insurance? It’s a question that many couples ask as they plan their big day. Weddings are expensive and can be ruined by something as simple as bad weather. That’s where wedding insurance comes in. It can help protect your investment if something goes wrong.
So whether you’re worried about losing your deposit, the photographer not showing up, or the caterer not delivering, wedding insurance can help you rest easy knowing that you’re covered. But is wedding insurance essential? After all, it’s just another expense on top of everything else. And what are the chances that something will go wrong?
Unfortunately, those are precisely the types of thoughts that keep people from buying wedding insurance. They figure it won’t happen to them, or they’ll be able to handle it if it does. But what happens if something does go wrong and you don’t have wedding insurance? You could lose your entire investment!
Wedding insurance may seem unnecessary, but trust us – it’s worth it!
What is a Wedding Insurance?
Wedding insurance is a type of insurance designed to protect couples from financial losses if their wedding is canceled or postponed due to unforeseen circumstances. The policy may also cover lost deposits, photography and videography fees, rental costs, and other expenses.
While wedding insurance is not required, it can provide peace of mind if something goes wrong. For couples planning a destination wedding, wedding insurance is critical as it can help cover travel and accommodation expenses if the wedding is canceled due to weather or other circumstances beyond their control.
Scenarios When Wedding Insurance Is Helpful
- Marcus and Jenny spent months planning their outdoor dream wedding, but just a week before the big day, they received news that a massive storm was headed straight for their venue. Without wedding insurance, Marcus and Jenny would have had to reschedule their wedding or absorb the cost of any damage caused by the storm. But because they purchased wedding insurance, they could receive reimbursement for any expenses incurred due to the storm.
- Another couple, Tom and Sarah, had planned a destination wedding in Mexico. The week before the wedding, Tom’s job required him to relocate to another country, and they were forced to cancel their plans. With wedding insurance, Tom and Sarah could receive compensation for non-refundable deposits and travel expenses.
- Lastly, Jim and Mary hired a highly recommended caterer for their wedding, but the caterer failed to show up on the big day. Without wedding insurance, Jim and Mary would have been left scrambling to find a last-minute replacement or foot the bill themselves. However, because they had wedding insurance, they could receive reimbursement for finding a new caterer.
As these scenarios illustrate, wedding insurance can provide financial protection in the case of unexpected events that may disrupt your special day. Don’t let unforeseen circumstances ruin your happily ever after – consider purchasing wedding insurance for added peace of mind on your big day.
How to File a Claim With Your Wedding Insurance?
If you need to file a claim with your wedding insurance, it is essential to:
Understand Your Policy
Understanding your policy is the first step to filing your wedding insurance claim. You will need to know what type of coverage you have and what is included in your policy. Additionally, you will need to know the limits of your coverage and any exclusions that may apply.
Gather Documentation
Once you clearly understand your policy, you must gather all the necessary documentation. This may include a copy of the police report, if applicable, as well as receipts, invoices, and other documentation supporting your claim.
Contact Your Insurance Company
The next step is to contact your insurance company and notify them of the situation. You will need to provide them with all the documentation you have gathered and answer any questions they may have.
Submit Your Claim
After you have notified your insurance company, you will need to submit your claim. This can typically be done online or by mail. Once your claim has been submitted, it will be reviewed by an adjuster who will determine if you are eligible for benefits.
Keep Track of All Communications
Throughout the claims process, keeping track of all communications with your insurance company is essential. This includes any phone calls, emails, or letters that are exchanged. Keeping a record of these communications can help ensure that your claim is processed promptly and efficiently.
Is Wedding Insurance Worth It?
Wedding insurance may seem like an unnecessary expense while planning a wedding. However, it can provide invaluable protection and peace of mind if something goes wrong. The wedding insurance cost is significantly less than the potential financial losses without it.
When shopping for wedding insurance, it is essential to carefully review the policy and ensure that it covers all potential risks and expenses. It is also vital to purchase the insurance early in the wedding planning process to ensure that you are covered from the start.
Wedding insurance policies typically cover cancellation, postponement, and rearrangement of the wedding due to unforeseen circumstances such as severe weather, illness, or vendor problems. The policies may also cover loss of deposits, wedding attire damage, wedding gifts, and photography/videography fees.
In some cases, wedding insurance can also cover accidents during the wedding or reception. Policies vary significantly in terms of what they cover and how much they cost. It is essential to carefully review each policy to ensure that it meets your specific needs and budget.
While there is no definitive answer as to whether or not you need wedding insurance, there are some factors to consider when making your decision. If you are concerned about losing any money paid out in deposits if you cancel your wedding, purchasing a policy that covers cancellations may be a good idea.
If you are worried about severe weather disrupting your plans, then a policy with weather protection may give you peace of mind. Ultimately, whether or not you purchase wedding insurance is a personal decision based on your needs and concerns.
Wedding insurance can be a valuable way to protect yourself financially if something goes wrong with your wedding plans. Carefully review each policy before ensuring that it meets your needs and budget.
Disclaimer: The materials available on this site are for informational purposes only and should not be construed as advice or guarantees on any subject matter. The opinions and statements expressed through this site are the opinions of the individual author and may not reflect the opinions of JAUNTIN’. This blog contains general information which may not be current or accurate. For specific questions about insurance and any requirements, please contact your insurer directly.
Wedding Insurance FAQs
Wedding insurance can cover things like liability, cancellation, damage to the premises, and even cannabis consumption.
More and more venues are making it mandatory in order to rent their property. So in other words, no policy no wedding.
For the most part, yes. Just as long as the date is in the future, vendor bookings shouldn’t prevent you from securing a policy.
Cancellation coverage can help offset the cost of rescheduling a wedding or changing locations due to unforeseen circumstances like illness and weather events.
Unfortunately, since Covid-19, this type of coverage is harder to come by.
Some insurers do cover this in their cancellation coverages.
Yes, many insurers provide coverage for assets like clothing, jewelry and gifts.
In general, the venue’s insurance protects the venue and does not provide coverage for liability or property damages caused by the wedding or its guests. Just like a renter of an apartment can be held liable for damages, so can a renter of an event venue.
This is a definite possibility. In most cases, third-party insurance is required by the insurers of the venue/property. Even if it isn’t, requiring third party renters to acquire their own insurance can insulate the venue’s insurance policy from claims.
Coverage can start from $75 and cover up to a four day wedding for the same price.
Many insurance policies have a subrogation clause, which grants the insurance company the right to seek damages from at-fault third parties on behalf of their policyholders. Subrogation allows the insurer to pay the claim right away, and then go after the at-fault party on their own to cover that expense. In the case of events, the venue’s insurer may pay for damages upfront, then go after the renter for any damages they feel they are entitled to.
Post-claim underwriting happens, just as it says, after the claim. The insurance company only goes through the underwriting process after a claim is made. Any inconsistency found between the records and the forms used to apply for the coverage could make a claim invalid. In the case of wedding venues, if it is not disclosed upfront that venue rentals are a source of income, the venue itself could be denied coverage in the event of a claim arising from a third-party event. This could further expose the wedding couple.
Bailee coverage can cover losses to customers’ property due to perils including fire, lightning, theft, burglary, robbery, windstorm, explosion, collision, floor, sprinkler leak, earthquake, strike and damage or destruction in transportation. In the case of events, if a third-party renter rents third-party property as part of the event that’s unrelated to the venue, the wedding couple could be liable for any damages caused by or to the third-party property. This includes rented chairs, decor, cutlery, and more.
Primary and Noncontributory
Primary designates that one party’s liability policy is responsible for responding to a claim first before another entity’s policy applies. Noncontributory stops the primary party’s insurer from seeking contribution from the other entity’s policy for paying a claim.
Waiver of Transfer of Rights of Recovery Against Others to Us
A legal endorsement that prevents an insurer from recovering the money they’ve paid out on a claim from a negligent third party.