Wedding/Event Insurance

What it protects against

Loss of certain non-refundable deposits, and financial consequences or theft and other expenses related to special events. Wedding insurance is a form of special-event insurance. Other kinds of event insurance covering sporting events, fairs, festivals, concerts and consumer trade shows. Weather insurance protects against reduced attendance and revenue. Prize insurance lets an event organizer offer an expensive prize at a fraction of its cost by transferring to an insurer the risk that someone will win it.

How it works

You may buy comprehensive protection or only certain coverages. A policy will provide reimbursements if you postpone or cancel due to circumstances outside your control, such as a death or serious injury in the immediate family or wedding party, a call-up from the military, certain natural disasters, or failure of a vendor to provide services. Changing your mind is not covered. Other coverages include damage or loss of wedding attire, rings, gifts, videos and photos. Some policies provide liability protection from occurences at rented facilities or from accidents caused by intoxicated guests on their way home. Some provide counseling if a wedding is postponed or canceled.

Who needs it

Someone who has a lot invested in the event.

Who may not need it

Those whose auto, homeowners, liability or other insurance policies provide coverage. Credit cards and warranties also might provide protection.

When to buy it

As soon as you know you want it, particularly for cancellation or postponement insurance. The insurance is triggered only when the circumstances are unforeseen.

How you pay for it

A single premium. About $275 should provide at least $20,000 of cancellation/postponement protection, plus some property coverage.

Terms to Know

  • Person whose absence from a planned event would trigger a benefit if the event needs to be canceled or postponed.
  • Amount of loss that the insured pays before the insurance kicks in.
  • Items or conditions that are not covered by the general insurance contract.
  • A coverage limitation included in many health policies which states that certain physical or mental conditions, either previously diagnosed or which would normally be expected to require treatment prior to issue, will not be covered under the new policy for a specified period of time.