You may find out that you can have some coverage on your home insurance. For example, you can insure your engagement rings on a rider on your home policy. Some companies even offer engagement ring insurance as a stand-alone.
It all depends on the different insurance companies and their policy wordings, so asking all your important questions will help make sure that you:
Event cancellation coverage may help reimburse you for lost deposits and other fees — up to your coverage limit — should something unexpected force you to delay or cancel your function. If your photographer closes shop suddenly, you'll likely be covered for the cost of the lost deposit and potentially unexpected charges from having to book another photographer at the last minute. If your officiant breaks his leg the day before your wedding and you're forced to postpone, this coverage may help pay fees associated with rescheduling the venue, caterer and other vendors. Be sure to check your policy to find out what types of situations may or may not be covered and you may have to purchase this coverage at least 20 days in advance.
A rider is an extra protection added to an insurance policy in exchange for paying a higher premium to an insurer. Also known as an endorsement, it allows you to adjust the terms of your insurance to protect your business without having to buy a whole new policy.
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The short answer is likely not. But it all depends on your specific policy. A standard event cancellation insurance policy typically covers cancellation due to events beyond your control. That usually means an act of God or other circumstance that damages a scheduled venue. An “all cause” or “epidemic coverage” cancellation policy could possibly include losses resulting from coronavirus cancellations. Unsurprisingly, these policies are not commonly available. Coronavirus would generally fall under communicable disease coverage. This option is often add-on coverage or a rider to an event cancellation policy that may be available for an additional premium.
Special event insurance, also known as one-day event insurance, can help protect you from financial loss for a specific occasion, such as a wedding. It can cover your costs in case you unexpectedly need to cancel, or if you're found responsible for property damage or injuries that occur during the event. Plus, you can add coverage for certain items, such as cakes, dresses, and more.
There are Two Types of Insurance:
Many venues will require you to purchase general liability insurance for your event to protect you and them in case someone gets hurt or the property is damaged. You might even be at risk of losing your event spot if you don't provide proof of insurance. But you could lose even more than that if you don't get the right coverage. For example, if someone leaves the plug open on a cooler and causes damage to your venue's hardwood floors, you could be stuck with a massive repair bill — as high as $10,000 in one case. With Special Event Insurance, you're protected in case accidents happen — so you can breathe easier and simply have fun..
Keep in mind that it's a good idea to purchase special event insurance as soon as you start making deposits or purchases for your event. There may also be restrictions on when you can purchase coverage — often no later than two weeks before your event but no sooner than two years prior.
A lot of time, effort and planning go into the special event. A wedding insurance company is familiar with all kinds of things that go wrong and by having a policy the insurance company will have your back if something goes wrong and it's covered. The cost of insurance is minimal compared to the cost of the special event and what is at risk.
Although pricing for wedding insurance varies, wedding event liability coverage could start on average at around $175 for $1 million of coverage. Depending on the various options and packages you could be looking at between $200-$550.