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Last Updated: May 24th, 2010 - 20:54:20 |
(ARA) - Every year in the United States over two million couples walk down the aisle to exchange vows on the most important day of their lives. Planning for such a momentous celebration involves months of countless decisions, budget analysis and check writing. The happy couple (and their parents who often pay for most of the wedding) worry over the blunders that could unexpectedly occur: bad weather, an absent photographer, and even a bride or groom with cold feet!
During the planning process, many couples can feel defenseless against these possible mishaps, and rightly so, since emotions and finances are highly invested in their big day. The average wedding cost in 2006 was $27,000 according to Conde? Nast, and with prices for private events escalating, protecting financial investments for such occasions is a growing concern.
To offset the risk, you can now purchase private event coverage for weddings, bar mitzvahs and other milestone celebrations. Fireman’s Fund Insurance Company offers Weddingsurance, the only policy to cover “change of heart.” This insurance specifically safeguards an innocent party against cancellation in the event that the bride or groom experiences cold feet, they’ll be able to recover expenses for the rehearsal, rehearsal dinner, ceremony, reception or honeymoon.
“There’s growing concern from parents that their son or daughter will be left at the altar and they’ll be stuck paying for a wedding that never happened,” says Erron Al-Amin of Fireman’s Fund Insurance Company. “To help allay this concern, we helped develop a unique insurance coverage that would shield our policyholders from financial loss associated with such an unfortunate occurrence.”
As with all decisions concerning your wedding or private event, choose your private event insurance coverage carefully. When shopping for private event coverage, think about the type of event you’re having and how much coverage you’ll need. Things to consider are:
* Personal Liability -- Does the policy cover legal responsibility for bodily injury, personal injury or personal property damage caused by a covered accident that occurs during the event?
* Cancellation -- Sudden death or illness of a member of the wedding party, power outage at the venue or even airport closures can cause a costly cancellation. Can you afford to lose the deposits and redo the event?
* Professional Counseling -- A cancelled or disrupted event can cause emotional distress. Some policies, including the Fireman’s Fund coverage, cover counseling to help the couple get over the trauma.
* Photography -- If the photographer fails to appear or the negatives are lost, stolen, damaged or not properly developed, does the policy cover the cost of retaking the photos? Fireman’s Fund will cover costs, including travel expenses for the wedding party, for an additional photo shoot.
* International Destinations -- Does the policy cover destination weddings?
* Special Attire -- Is lost, stolen or damaged attire, including the bridal gown, covered? What if the bridal shop goes bankrupt?
* Weather Coverage -- Will the policy pay expenses to move the event to another location if bad weather is looming?
Although there may not be a price tag on the value of love, the modern wedding is an expensive investment that families can’t afford not to protect.
For more information about special event insurance coverage, go to www.firemansfund.com/privateevents
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