The holidays are a wonderful time of year to bring families together. It is also considered one of the biggest engagement days of the year, coming in a close second to New Years Eve. This is a joyous occasion for many happy couples to begin planning their new life, and of course to start building assets. Most people would be very surprised to find out just how intertwined insurance is during every stage of the wedding planning process.
For many couples, the engagement ring is one of the first large asset purchases. There is no coverage given to high value jewelry on a standard home, renters, or condo insurance policy. Coverage for this can be added either by standalone jewelry policy, or by policy endorsement (when available). Keep in mind that in many cases, the insurance carriers will require an appraisal. Most policies starting at $100 for the year!
Planning for this wonderful event usually takes months and in some instance’s years. Looking for a venue, the vendors, etc. all takes time and coordination and of course lots of money. Once you have settled on your venue and made your down payment, your next obstacle will be for liability insurance., There is some coverage for homeowner’s policy for renting a wedding site. Homeowner and rental policies have very similar wording when it comes to extending liability to a rented premises, the policy language reads that it will provide LIMITED coverage for “any part of a premises occasionally rented to an “insured” for other than “business” use. By limited coverage, this means that although the homeowner’s policy is providing bodily injury and property damage to the rented site, it very specifically excludes any bodily injury or property damage involving an automobile. This is an important exclusion to pay attestation to. Here is an example, if a guest is over-served and leaves the wedding and gets into a car accident the injured party could bring lawsuit against host and happy couple.
So what do you do? We represent several insurance companies that offer special events policies that provide for the required coverage for the venue as well as the enhanced liability, with premiums starting at $250. There are also additional package policies that offer even more comprehensive coverage, such as loss or damage to the wedding dress, cancellation of the wedding, and much more. You can even add in Travel Trip insurance to secure the investment in the honeymoon.