If you’ve tuned into any major news station over the past few days you couldn’t possibly have missed the coverage on the Royal Wedding scheduled for this Friday, April 29th. And although many are making their own predictions about the dress, the ceremony and the reception- there is one thing that’s for sure: the Royal Wedding is all about the details… intricate, meticulous (and expensive!) details.
And while the Royal Wedding will surely go down in history for its unbridled pomp and circumstance, there is one thing it shares with all weddings: everything is expected to go down without a hitch.
But what happens when it doesn’t?
We’ve received a few questions recently about Special Event insurance, sometimes known as Wedding Insurance. And while we aren’t the experts on the topic- we thought we’d share some of what we know. As with all types of insurance coverage, Special Event insurance is designed to protect the policyholder from financial loss in the event of an unforeseen peril.
And anyone who has recently paid the bill for a modern day wedding can attest that when it comes to tying the knot these days, a fairy tale wedding doesn’t come cheap.
According to ProtectMyWedding.com (The Travelers Wedding Protection Plan), there are lots of things that can go wrong on the big day… things you may not have ever thought of- or wanted to! Many of which are covered by a standard wedding insurance policy. To name a few:
Vendor/Venue Problems (going out of business, for example)Lost RingsSevere Weather (hurricanes, floods, blizzards, etc)Sudden illness/deathLost depositsRuined PhotosBride/Groom gets called to duty“For the third consecutive year, vendor and venue problems remain the most frequent causes of wedding day mishaps for couples, according to an analysis of 2010 wedding insurance claims by Travelers (NYSE: TRV).”
-Travelers Insurance press release
Special event insurance is designed to protect your financial investment in your wedding and to reimburse you for expenses in the event of a covered claim. And according to The Wedding Report, the average cost of a U.S. wedding went up a shocking 23 percent last year- so it appears there is a lot to protect!
Special event insurance is not just for weddings either- it can be purchased for most any private event.
Whether or not the Royal Family will have Special Event insurance- we’re not entirely sure. But one thing we know- accidents can happen anywhere, at anytime and to anyone- so being properly protected is always important.
