Wedding season is the perfect time to chat with your clients about their insurance coverage

June 21, 2023

Summer is officially here, which means wedding season for many individuals across the country. But with the average couple spending about $30,000 on their special day, insurance professionals can help to offer peace of mind to their clients by discussing the security insurance provides if something goes wrong.

Special event coverage, otherwise known as wedding insurance, can protect nonrefundable deposits made to vendors and even protect those involved in the wedding from liability if someone at the wedding is injured.

Types of coverage

Wedding insurance comes primarily in two forms: event cancellation coverage, and event liability coverage.

Event cancellation coverage can protect nonrefundable deposits, and it also might protect and insured if a paid vendor or venue suddenly goes out of business. However, event coverage may not cover equipment rented for an event if it is not provided by the venue itself. It also doesn’t allow for the recovery of wedding costs if the event is canceled because the bride or groom gets cold feet. It can be extended to cover the honeymoon as well, but it usually won’t recover costs if the honeymoon is canceled, but the wedding is not, so it’s always wise to get separate travel insurance for the honeymoon.

When to buy

Event insurance should be purchased as soon as the purchaser starts spending money on the wedding, but there may be a pre-set period such as, “no sooner than two years before an event and no more than two days until the event.” However, event liability coverage usually only covers the 24–48-hour period leading up to and after the big event. And it can provide protection if you or one of the guests damages the venue, or if Uncle Ned trips on an uneven dance floor and decides it’s all your fault.

What is covered

Wedding insurance can cover things like jewelry or clothing rented for the wedding it also sometimes provides reimbursement for lost or damaged wedding photos or videos. In some locations, U.S. citizens can purchase coverage for a destination wedding. Some policies even pay for counseling if you are traumatized by a wedding disaster.

For more details on finding the insurance policy that is right for your needs, call your professional independent insurance agent. And, don’t forget to review any of your other insurance policies—you may need to plan to make changes to update your new lifestyle as a married couple.

Scott Fergusson

Scott Fergusson is the chief executive officer at Techficient, an InsurTech company that provides CRM and AMS solutions for BGAs, distributors and carriers. With over 20 years of experience working in the insurance and financial services sectors, Scott notes that success for agents begins with being a good communicator and a better listener.

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