If you’re planning a wedding, anniversary, graduation party, Bar/Bat Mitzvah or other special event, consider adding insurance to your ‘to-do’ list. Special Events Insurance provides financial protection—just in case things don’t go as planned on that special day.
Perhaps the most popular feature of Special Events Insurance is cancellation / postponement coverage. If there is a necessary and unavoidable cancellation or postponement, this insurance covers deposits and other amounts paid or owed for various event-related items, such as catering services, location and equipment rentals, accommodations, flowers, photographers, videographers and entertainment. Rehearsal dinners within 48 hours of a wedding may also be covered.
Not every cancellation or postponement is covered, like those resulting from the non-premature delivery of a child or a change of heart. Though normal weather conditions (heat, rain, snow) do not trigger coverage, cancellation or postponement caused by unanticipated extreme weather conditions, like hurricanes and tropical storms that developed after the policy’s inception date, may be covered. Cancellations or postponements caused by any known circumstance that might reasonably give rise to cancellation or postponement of the event are also not covered.
Special Events policies can also provide optional liability coverage, including host liquor liability coverage, to protect against bodily injury or property damage suffered during the event or at the reception. Though homeowners’ policies may provide some liability coverage, it’s better to keep event-related liability claims away from your homeowners’ insurance homeowners’ insurance company. Special Events policies also let you provide additional insured status, which is often required by event venues, but which may not be easy or possible under a homeowners’ policy.
Special Events policies can provide other valuable coverages, such as:
Additional Expense Coverage to pay unanticipated expenses that are incurred to avoid cancellation or postponement of the event if a vendor fails to provide contractually agreed upon items, services or locations.
Special Jewelry Coverage to pay for loss or damage to jewelry purchased or rented, but not borrowed, specifically for an honoree’s personal decoration or for exchange at the event by an honoree. The loss or damage must occur on the date of the event date or within seven days prior to the event. Any thefts must be reported to the police as soon as reasonably practicable. Mysterious disappearances are not covered.
Photograph and Video Coverage to pay reasonable expenses to take or retake event photographs or video in a comparable setting if, for example, the professional photographer or videographer fails to appear at the event or the originals are lost or damaged prior to delivery.
Event Gifts Coverage to pay for loss or damage to gifts that occurs at or before the event.
Special Attire Coverage to pay the cost of replacing or repairing clothing, headwear or shoes purchased or rented, but not borrowed, by the honoree (bride, groom, etc.) specifically for the event. Watches, jewelry or precious or semi-precious gemstones or pearls are not covered.
When shopping for Special Events Insurance, pay special attention to coverage exclusions that may be relevant to your situation, such as those relating to pregnancy or other pre-existing medical conditions.
If you have any questions or would like to learn more about Special Events Insurance, please contact us.
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