Hurricane Irene tore through the East Coast this past August and didn’t just down trees and power lines, it also disappointed wedding hopefuls.
Most couples who had planned to get married on the week of August 28, were forced to either postpone or cancel their wedding– something no bride or groom should have to do. But it happens, and it became a startling reality after Irene.
Besides a big disappointment, wedding folk can also expect a blow to their bank account — Canceled weddings likely left folks with a loss of non-refundable deposits for services associated with the wedding.
One thing this brings up is wedding insurance. Something most people don’t think about when planning their big day, but should start.
“Because of Hurricane Irene, some of our policyholders in North Carolina, New York, and other Eastern states were forced to cancel or postpone their wedding,” said Claims Manager Lisa Kozik in a statement. “Had they not invested in a Wedding Cancellation Insurance policy, they would have been responsible for any expenses associated with those changes.”
According to one insurance company that provides a special wedding policy, Markel American Insurance Company Event Insurance, Wedding Cancellation Insurance provides compensation for lost deposits (Non- refundable deposits that are forfeited because of unforeseen circumstances are also eligible for reimbursement) and additional expenses that may be incurred to avoid cancellation of the wedding, including moving the event to another venue.
Markel’s wedding insurance policy also provides reimbursement for hall and location rentals, catering services, property and equipment rentals, and accommodations (including travel arrangements and accommodations for a honeymoon, if applicable), if the wedding needs to be postponed or cancelled for a covered reason (including but not limited to natural disasters such as earthquakes and hurricanes). The company says that coverage is also available for lost wedding rings, damage to special wedding attire, vendor no-shows, lost or damaged photography, videography, and wedding gifts. In addition to natural disasters, other unforeseen circumstances covered by Wedding Cancellation Insurance include vendor bankruptcy, illness, and military deployment.
“The average cost of a wedding in the United States is approximately $24,000,” states Timberlee Tamraz Grove, President and COO of Markel American Insurance Company. “With everything involved in planning a wedding, it’s easy for someone to get caught up in the small, emotional details and forget that the wedding is also a significant investment. Given the fact that the cost of a Wedding Cancellation Insurance policy can be as low as $110, it’s not an enormous cost to protect the investment should something happen.”
Similar coverage is also available for private events like anniversary parties, birthdays, and family reunions.