Wedding Insurance Basics

From last minute cancellations to a damaged wedding dress, wedding insurance is intended to help protect against unforeseen events and problems that can affect the event. This little insurance policy can give peace of mind on one of the biggest events in most people’s lives. But, what is wedding insurance? Just what can be insured?

The insurance policy for a wedding is to protect the bride and groom’s investment from circumstances that are beyond their own control. In the event of a covered, unforeseen event, the insurance policy will reimburse expenses that have been incurred. What if the reception venue goes out of business just before the wedding and takes the deposit with it? How about if the limo service doesn’t show up and another has to be ordered the morning of the ceremony- for double or triple the price? Anything can happen that would result in a financial loss, and this is where wedding insurance comes into play.

The policy may not cover jewelry other than riders for wedding rings. It also will not cover cancellations due to change of heart or cancellation of the wedding by the couple due to circumstances within their control.

The costs

A typical policy will cover loss of: wedding attire, wedding rings, wedding photos, wedding presents, wedding videos and all deposits. This type of coverage will cost on average between $175 and $600, based on the specific coverages and loss amounts. There is also a general wedding liability insurance that will cover against accidents for up to $1 million. Supplemental policies may be purchased to cover specific instances such as if a wedding is postponed due to a military member being deployed at the last minute. There is a rider to cover this and deposits would be covered.

It is always smart to shop around and do a wedding insurance comparison based on the quotes you get from the different companies you contact.

What to Cover

Many wedding venues and vendors already have insurance policies in effect that will cover the couple under certain circumstances. It is wise to ask each vendor and the venue to provide a copy of this policy to ensure that the coverage is not overlapping. This gives the option of only including vendors that are not fully covered as this will save money on the policy.

When to Insure

Many insurance companies have a time limitation on how early wedding insurance may be purchased. It is a good idea to get insurance as soon as deposits are being made for services and venues. Those deposits will be insured if the policy is already in place

What companies offer wedding insurance?

There are a host of companies that offer the types of insurances described above. Of course, as with all insurance you need to buy it in the country that you reside in. We are therefore only listing companies in the United States and UK for now, but more insurance companies will be added with time.

WedSafe (US)

One of the premier wedding insurance companies in the US, with a wide variety of products for the bride and groom to be. WedSafe offer both wedding liability insurance and wedding cancellation insurance, and their prices can be found by asking for a quote on their web site. Buying both products gives you a 15% decrease in your premium paid.

ProtectMyWedding (US)

A Travellers company that specializes in wedding insurance, with a great online web site where you can purchase the exact coverage you need. The order page lets you add coverage for wedding ring insurance, event photographs, event gifts, special attire, jewelry, and lost deposits. They also have a nice frequently asked questions area that answers many of the questions you might have about wedding coverage.

WeddingPlan (UK)

An insurance company based in the UK that insures both wedding and reception at home and abroad. They have a very nicely structured web site that makes it simple to get wedding insurance quotes and buy the coverage you need.

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When to Insure

Before any deposits are given, wedding insurance should be in place. This insurance policy will provide coverage for deposits if anything happens that is beyond the control of the bride and groom. If the wedding is postponed due to weather or a vendor goes out of business before the wedding, those deposits could be lost. So the best time for a wedding insurance comparison should be prior to any deposits or solid plans have been made.

What types of Wedding Insurance is Available?

So what types of insurance is available for wedding protection? There are several different types of coverage. Each couples situations will be different and require a specific combination of supplemental policies to help protect against wedding related losses. A few of the lesser known wedding insurance options are:

• A wedding photography insurance policy can be quite extensive. Some policies will even pay to restage the whole event to retake photos if the negatives are lost or damaged.

• Policies for videography can include payment for creation of a video montage or photo compilation if the videographer used faulty equipment or materials. Some policies will even pay to restage the event to retake the videos.

• There are even wedding gift insurance policies that will replace non-monetary gifts that are stolen, lost or damaged.

• Honeymoon insurance is a must since a honeymoon cost more than a new car. Travel and trip insurance will protect against loss or theft of luggage and trip postponement or cancellation.

• Wedding liability insurance will protect against damage and personal injuries that occur on the wedding day during the whole course of the wedding and reception. This is a very important policy, and may be required prior to booking an event hall for the reception. If alcohol is served a special rider can protect against alcohol related accidents and incidents.

No two weddings are completely alike, and insurance policies are not one-size-fits-all either. It is important to discuss all possibilities and scenarios with an insurance agent during the course of your wedding insurance comparison.

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Many people mistakenly think that homeowner’s insurance covers a lost or stolen wedding ring. The sad truth is that many home owners’ policies only cover $500 in jewelry. A separate rider is required to adequately insure individual pieces of jewelry. An insurance floater will provide a specific coverage amount for the ring based on the appraised value.

While a wedding insurance policy may cover wedding and engagement rings, it is important to see how long the coverage lasts. Wedding insurance companies usually write policies that cover the event, deposits and liability insurance for the day of the wedding. There are riders for wedding ring insurance, but that type of coverage may only last until just after the reception is over. It is important to always compare wedding insurance policies.

Types of Wedding Ring Insurance

There are a few different types of wedding ring insurance. Each type of policy offers differing options, and it is always a good idea to consult with your insurance agent to gain a full understanding of each option. A full appraisal will need to be done on the ring for insurance purposes.

Homeowner’s policies give the option of adding value to a ring beyond their normal limits for a fee. However, this type of insurance only protects against damages in relation to the home, such as fire or other damage. Since a wedding ring is worn outside the home, it makes sense to look at other options as well.

A replacement policy will cover a specific item of jewelry such as a wedding ring. This type of policy will replace the ring with an identical new ring at current market value.

An actual value policy will replace the ring at a value placed by an insurance adjuster at the time of loss. This actual value is determined by the original price of the ring with deductions taken for wear and tear and depreciation. Although this type of wedding ring insurance policy is cheaper, it also will not give the full replacement value of the ring, but rather the value of a used and worn ring which could be much, much less.

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Many wedding and reception venues now require a $1 million wedding liability insurance policy to be purchased by the couple. In addition, the damage limits for damage to the rented premises is usually around $100,000. This size of policy will also offer about $1,000 in medical payments for an injured guest. A liability policy of this size will cost about $200 on average. It is not uncommon for venues to request as much as $3 million in liability insurance before booking the event. Always check ahead to see what the requirements for wedding liability insurance are as well as what type of insurance the venue has as well.

If liquor is served at the reception, a hosted liquor rider may be required as well. This policy prevision warrants special attention. If alcohol is served at the reception and an inebriated guest has a car accident leaving the reception, the couple can be held liable for all damages to not only the inebriated guest, but any other accident victims as well. In some venues alcohol is no longer allowed to be served during receptions due to these types of circumstances arising.

Many insurance companies offer wedding liability insurance. There are several websites that offer wedding insurance quotes that can include liability insurance as well. Usually the policy is only for the one day and specifically covers the guests at the ceremony and reception and can be purchased 24 hours before the event. Typically, a rider is faxed to the venue administration while a copy of the policy is given to the insured.

A wedding day is a time of celebration and festivities. This is the fairy tale ending that many brides dream about. Law suits, wedding liability insurance, alcohol related accidents, hospital bills injuries are rarely figured into the equation. Liability insurance is a very necessary part of planning that should not be overlooked.

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Nobody likes to think about all that could go wrong on this day that is supposed to be so perfect. One lost deposit can be devastating, but what if the whole wedding gets postponed and ALL of the deposits are lost? That could spell the end of the dream of the perfect wedding. With wedding cancelation insurance deposits are protected against lost due to circumstances out of your control.

Choosing the Right Wedding Cancelation Insurance Policy

The type of insurance policy needed is different for each couple’s wedding. Some couples will require wedding travel insurance while others need wedding car insurance and many brides feel that wedding dress insurance is important. Whatever your needs there is a wedding cancellation insurance for it. Some wedding venues will require liability insurance in order to book the event hall. If alcohol will be served on premises then a hosted alcohol rider will also be needed.

The first step is to consult with vendors and venues and request a copy of their insurance policies. Many wedding vendors carry wedding cancellation insurance already. There is no need to pay for overlapping coverage if the vendor is providing the insurance at their own expense. Once you are armed with all vendor insurance copies, contact an insurance agent who has experience in issuing wedding insurance policies. Another avenue is to research wedding insurance online.

All policies are not created equal. Keep in mind that cheap wedding insurance is not necessarily going to have all the policy provisions that your particular needs will require. It is a good idea to budget up to $1,000 for insurance needs. Actual costs will vary and could be much lower depending on the types and coverages that your wedding will require. Liability insurance for the day of the event will run about $200.

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Wedding gift registries

A popular way for the bride and groom to let the guests know what they want is to establish a wedding gift registry. This is a great way to find ideas for what to buy, but the back side is that everyone else is probably buying the same gifts. If you want to get a unique wedding present for the couple this might not be the best place to look. So where can you find wedding gift ideas? The Internet of course! The best thing about computers and the Internet is that they are fantastic for providing you with free information. Do a search online and you will find plenty of ideas for wedding gifts. Here are the best of the best web sites for finding unique and personalized wedding presents:

-         About.com: They have a great top 5 wedding gift section that lists ideas that you can use when shopping for wedding presents. On the top of their list is money, of all things. Not very unique, until everyone else at the wedding thinks it’s to plain to give to the couple and you end up as the only person giving them hard cash. Something to consider?

-         MSN.com: They also sport a top list, but this one gives you their 13 best wedding gift ideas. They list the usual household appliances, but also suggest buying in to the new trend of “backyard entertainment” wedding presents. This includes grills, hammocks, and patio sets. They also list bathroom spas and charity wedding gifts as popular give aways.

Make your own unique wedding presents

Actually, when searching online for unique wedding gifts most of the results are for the run of mill presents that everyone gets. As I mentioned, these presents are fine and well, and the couple will most likely be very grateful for all the practical gifts they receive. But if you want to break out of conformity, why not make your own personalized wedding present for the couple. Here are some ideas:

-         Personalized photo album: If you are good friends with the bride or groom you can make a personalized photo album with the best pictures you have of you and the groom or bride. Write a personal story besides each photo, about the moment it was taken or something else related to it. This can be an emotional and unique wedding gift that definitely will be remembered longer than a new set of oven mittens.

-         Wedding gift basket: Buy a beautiful basket and fill it up with all kinds of food and treats that the couple enjoys. An expensive wine, sausage, and some cheese, makes for a great looking and original basket that the couple can enjoy when they get back from their honeymoon.

Expensive wedding gifts can be the way out of an imagination block, but if you just set a side some time to think about what the couple would enjoy on an emotional level, the gift can both be affordable and that much more unique.

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With the advent of computer technology, planning your wedding can be done a lot differently than for 20 years ago. The Internet is a haven for tools and great offers that can make wedding planning that much easier and effective than when your parents did their planning. Online wedding planning can for starters help you keep track of all your chores and items that need to be purchased. Do a search for “online wedding planner” and you will find several free or affordable planners where you can keep track of everything. But it doesn’t stop there, because there are very few things you can’t get done online, without even leaving your home.

Buying a wedding dress online

Copyright Flickr user Yiqun Ding

One of the most popular items to buy online is of course the wedding dress. Designer wedding dresses, for example, can be found a lot cheaper online than at your local wedding boutique. The selection is also incomparable to even the largest department stores with large wedding dress areas. Remember, you have the whole world at your fingers. Beautiful ball wedding dresses, Cinderella wedding dresses, A-line and princess wedding dresses, Ballerina, Empire, simple wedding dresses, you name it and you will find it online. We have mentioned this before, but remember to get your measurements taken before shopping online so that you are certain about your size. It also pays to buy from a shop that allows you to return the dress if it doesn’t fit, and of course get a full refund. Many claim a full refund, but most have hidden “return” fees, so be sure to check out the terms of the policy!

Online wedding planning guides

Free online wedding planning guides and courses are great tools for the aspiring bride and groom that don’t know exactly where to start. As mentioned above, do a search for “online wedding planner” or “wedding planning websites” and see what comes up. If you don’t have luck finding anything, try to go to Ouronlineweddingday.com. They have a dedicated section just for wedding planning on their site, with tips and tools such as their wedding task list manager, wedding address manager, and wedding budget planner. They also offer a free trial for a personalized wedding web site, and if you are a registered member of the David’s Bridal web shop, your personalized wedding website is free for the whole duration of your wedding planning.

Click here to register at David’s Bridal web shop! It’s free and you get a chance to win a new wedding dress or up to five bride’s maid dresses.

Do your wedding shopping online

Online wedding shopping is much more than planning and a beautiful wedding dress. You can also find all the other items you need for your wedding, like wedding invitations, wedding favors bridesmaids dresses, wedding jewelry, and everything else under the wedding sun. One of the reasons offline wedding shops can stay alive is because they mark up prices just because the word “wedding” is on the label. On the Internet there is so much competition, compared to your small shop at the mall, that prices are naturally a lot lower. And with a list as long as a bad year, the numbers will add up if you are price conscious.

What to do if you don’t know where to start with your wedding planning?

I briefly touched upon the bride and groom that don’t know exactly where to start planning for their wedding day. This is natural, especially for those that don’t have a mother or father that steps in and monopolizes the wedding planning for you. An online wedding planning website can be of tremendous help to figure out how to handle the planning, and in which end to start. In many aspects a wedding is a major event that can be compared to organizing a small concert, sports event, or fashion show. In other words, a wedding has many small bits and pieces that all have to come together on that important day of yours, and a recipe that gives you clear instructions can be a life saver. TheKnot.com is the leader in wedding planning and weddings in general on the Internet. They have tons of articles and resources you can use, like their wedding planning check list, when you sign up as a member. Yeah, it’s a bit of a chore to become a member on all these sites, but at least you get what you need for free.

I guess we have covered most of the areas that need to be addressed for a wedding. Of course, there are more, like finding a wedding photographer and wedding caterer. But those will have to wait for a future article.

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The most expensive wedding was the wedding of Vanisha Mittal, daughter of steel tychoon Laxmi Mittal. This wedding is way and beyond what any one has spend on a wedding ceremony before, and will probably hold the nr. 1 place in history for a long time. Here are some facts about the wedding.

1. Vanisha Mittal & Amid Pomp

 
Total cost: $60 million
Wedding date: 2004
Guests: 1000+
Duration: 5 days
Location: Versailles, Parc de Saint-Cloud, Paris

Inside scoop

The lavishly expensive wedding that holds the title for being the Most Expensive Wedding was held in several locations in France, including the Palace of Versailles, Paris’ le Grand Intercontinetal, and many of Paris’ top clubs. Guests were flown in from all around the world, and just the guest accommodation costs amounted to almost $2 million.

Performers

An expensive wedding has to have top performers, and the most expensive wedding didn’t disappoint. Performing a 30-minute set, Kyle Minogue was paid $520.000, but this probably dwarfs in comparison to what Shah Rukh was paid to perform at the wedding, as he was reportedly paid $5 million to perform at Mittal’s son’s, Aditya, wedding.

Food

Some of the top Indian chefs were flown in to make a feast of various Indian cuisines. Nothing was spared, and it was reported that 5,000 bottles of Mouton Rothschild for $1.5 million was consumed over the 5 day wedding.

Footage

Highlights from the wedding can be seen on the Forbes video below, starting at the 2.50 minute mark or so.

Wedding book

The most expensive wedding has it’s wedding book published online, ofcourse. It is a beautiful page with pictures and details from the wedding, and can be found here: http://www.weddingsutra.com/community/featured_vanisha_main.asp

Wedding dress

Although the price is unknown to public, it would probabaly come on the list of the top 10 most expensive wedding dresses in the world.

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