What Is Special Event Insurance
Special event insurance, also known as one-day event insurance, can help protect you from financial loss for a specific occasion, such as a wedding. You can get two types of event insurance through Event Helper:
- Liability: The most common type of event insurance, liability insurance protects the event holder and the venue in case of claims resulting from property damage or injuries that occur during the event.
- Wedding Cancellation/Postponement: Available when you purchase liability insurance for your wedding, cancellation insurance covers costs in case you unexpectedly need to cancel.** Plus, you can add wedding insurance coverage for certain items, such as cakes, dresses, and more.
What Is Liquor Liability Insurance
Liquor liability insurance is complex and can be confusing. Liquor liability insurance is defined as coverage for bodily injury or property damage that an intoxicated person causes after being served alcohol by a policy holder. The coverage on a liquor liability policy varies quite a bit from state to state because each state interprets who is legally liable for damages or injuries differently.
Wedding Insurance Doesn’t Cover
- A change of heart. In other words, cold feet don’t count.
- Watches, jewelry or semiprecious gemstones or pearls may not be covered.
- While the policy may cover your wedding rings, your engagement ring probably will not fall under the same coverage. You can purchase engagement ring insurance separately, or it may be covered by your existing homeowners or renter’s insurance. Note that these items may be subject to your policy’s deductible.
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Why Do You Need Liquor Liability For Weddings
Is this type of insurance really necessary? Perhaps youre having just a small wedding at your home. Maybe you believe you can trust everyone to behave themselves. Plus, its not like your family would take you to court anyway, right?
Unfortunately, no matter how good your wedding planner is, there are some things you cant foresee. With that in mind, its best to prepare for the unexpected.
Here are a few possible scenarios where liquor liability insurance for weddings could protect you:
- Your friends could be great dancers, but they might not have the balance and grace they need to stay upright if theyre dancing with drinks in their hands. As the night pushes on and the floor gets slippery, you dont want to be paying for the damages if someone needs medical attention.
- While everyone may turn up in fine suits and fancy dresses, free-flowing alcohol can quickly unravel the sense of decorum. Some smashed glasses or a broken table isnt fun, but it would be much worse if you have to foot the bill for damages from your own pocket.
- On the morning after, people should talk about the fantastic night they just had or the honeymoon that lies ahead. If the conversation centers on an impending claim for some unfortunate, alcohol-related reason, your liquor liability insurance for weddings can provide the defense and investigation of claims.
Host Liquor Liability Insurance
Host liquor liability insurance is usually included with general liability insurance. This protects someone who is not in the business of selling, serving or manufacturing alcohol from alcohol-related damages. For example, your accounting firm throws a company party and someone has one too many martinis. He then gets in his car and on his way home, hits another car, resulting in damage to the car and injury to the driver. In this case, general liability insurance should cover the accounting firm because they are not in the business of selling, serving, or manufacturing alcohol.
Host liquor liability insurance coverage only applies if youre not charging for drinks. If you are charging for drinks, even by way of tickets to a party, you need liquor liability insurance.
Forty-three out of 50 states have what is called dram shop liability or social host liability laws on the books. This means your bar or restaurant could be held accountable for intoxicated patrons who injure people or damage property.
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Serve A Full Bar And Watch The Costs Add Up
Get your checkbook out for this one. Now you have everything above plus more glasses, vodka, gin, whiskey, rum, tequila, etc. And then you have the mixers for each kind of drink, coke, tonic, orange juice, tomato juice, and more. Then there are the garnishes for each type of beverage: ice, limes, lemons, cherrys, bitters, coarse salt, sugar cubes want me to go on? And youll need two to three times more bartenders to take the orders and mix the cocktails, versus just pouring beer or wine.
So a full bar will cost you three times what just serving beer and wine will cost.
Fine Jewelry/engagement Ring/luxury Attire
If your wedding attire is ultraluxurious, it may not be covered by most wedding insurance plans. After a certain price point, special items are no longer covered by basic insurance. No need to panic, though. If you need insurance for these items, they can be covered by a separate premium. Your engagement ring can also be covered by your homeowners insurance or renters insurance.
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What Is The Difference Between Host Liquor Liability And Liquor Liability
Liquor liability insurance provides coverage for legal expenses, including the costs of settlements or damages. Host Liquor Liability Insurance this type of insurance is available where business owners may face liabilities if they do not serve or sell alcohol, but allow alcohol to be consumed on business premises.11 jui. 2019
How To Safeguard Yourself When Purchasing Event Insurance
When you purchase your wedding day liability insurance policy , youll want to make sure that it has a Host Liquor Liability coverage and that the insurance covers you.
Most couples dont realize their liability in serving their alcohol to their guests. Should something happen, the host could be the object of attorney discussions due to your supplying the wedding guest with alcohol.
We recommend that the Event Insurance policy be purchased from a company specializing in wedding event insurance, and not as an add on to your homeowners policy. Most homeowners policies will not cover Host Liquor Liability, which could leave you and your home at risk. At Mountain House Estate, we do not accept homeowner policies as event insurance for this very reason.
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Insurance That Covers Weddings
Having insurance for potential wedding disasters makes sense for many couples, especially if the celebration will be large and expensive. Depending on where your wedding will be, you could get coverage through:
- If a relative or friend is hosting the event at their house, their homeowners insurance and umbrella insurance for very large claims covers liability. However, they should ask their insurance agent about liquor liability and whether they have coverage if a drunken guest causes a car accident after leaving.
- Your own homeowners or renters insurance may cover stolen or destroyed gifts.
- Your venue may have liability insurance of its own, so you wouldnt need overlapping coverage. For example, a banquet hall likely has its own policy, but ask about what it does and does not cover.
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Wedding Insurance: The Bottom Line
Wedding insurance policy provide coverage for you event damages, when things go wrong on your big day, it could be a good idea to buy one as investment.
The best time to shop a wedding insurance policy is the planning process. You need to compare different policies and rates before buying, and stay aware of the exclusions and restrictions, because policies vary from insurance company to another.
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Cancellation Or Postponement Insurance
Our wedding cancellation or postponement insurance offers you an extra level of protection throughout the wedding planning process. We can reimburse you for lost deposits and/or non-refundable payments if you are forced to postpone or cancel your wedding due to circumstances out of your control. Scenarios such as injury or illness of an immediate family member, vendor bankruptcy, extreme weather or unexpected military deployment can all be covered.
Eventsured also covers you if a wedding vendor cancels on you and you need to hire a new, more expensive vendor. Additional coverage against loss or damage to wedding photographs and videos, wedding gifts, wedding rings or wedding day attire is also included with all policies.
When To Buy Wedding Insurance
Couples should purchase a policy once they begin writing checks, says Todd Shasha, managing director of personal insurance at Travelers Insurance, which provides wedding insurance.
However, if youre already in the midst of planning, its not too late.
In most states, if a policy is going to cover extreme weather, it must be purchased 14 days before the event, Shasha says. Liability coverage can be purchased up to the day of the event in many cases. However, if your venue requires you to buy liability insurance, it might require proof of insurance before the wedding, as many as 30 days ahead of the event.
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Usaa Review Best For Military Families
|Covers postponement due to deployment of an active service member||Available to USAA members only|
|Guaranteed to meet the venues requirements or your money back|
|Liability policies cover rehearsals within 48 hours of the event|
|Option to insure your engagement ring|
In addition to other financial services, USAA offers its members affordable wedding liability/cancellation policies specifically tailored to the realities of military life. Its liability policy covers events in the US and its territories, Canada, and all cruise ships leaving ports in these locations.
Cancellation policies cover destination weddings and events held in the US and its territories, Canada, the United Kingdom, Bahamas, Bermuda, the Caribbean, Mexico, and all cruises leaving ports in those countries.
The companys policies can be purchased up to 1 day before the event and will cover postponement if a guest of honor is deployed as a member of the police force, active military, or fire department.
COVID-19 Policy: Because USAA wedding insurance policies are underwritten by Markel, the latter companys COVID-19 related caveats usually apply. However, in USAAs case, no policies purchased after September 18, 2020, will cover loss due to infectious disease, pandemic, or epidemic including COVID-19. Visit the USAAs page on COVID-19 restrictions to learn more about their current insurance cancellation policy.
Liability And Liquor Laws
Going the DIY route and providing your own alcoholic beverages can be another way to save. Stephanie Kibler, founder of personal finance blog Poorer Than You, took this route when planning her 2014 wedding.
We bought all the alcohol ourselves and looked for deals wherever we could, she says. In all, she spent just $600 on bottled drinks like wine, beer, and cider, along with cups, ice, and other extras for serving the drinks.
If you choose a BYOB wedding, however, youll need to make sure its all above-board and plan for extra costs. Make sure the venue allows outside alcohol to be brought in. You should also look into your states liquor laws, Phillips advises, as some states only allow alcohol to be served by a provider with a liquor license.
Even if a liquor license is required, you might actually be able to get one yourself. Kibler did exactly that, paying a $55 fee to get a liquor license that covered her reception.
Liability can also be a consideration when drinking is involved, so its wise to purchase alcohol insurance for a wedding if youre providing the drinks. Kibler dropped $300 on alcohol insurance for the wedding and $150 for a venue alcohol fee. Her total wedding alcohol costs came in at $1,105.
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Wedsure Review Best For Customized Policies
|Offers achange of heart policy||Liability coverage limited to weddings in the U.S and its territories, and in Canada|
|Nine separate coverage options available||More expensive than the competition|
|Free host liquor liability||No option to remove liquor liability|
The company that invented wedding insurance according to WedSures website is also the best we found when it comes to customized policies. Via its award-winning website, youll be able to manage and tailor your policy from anywhere and at any time.
Starting at $125, WedSures liability policies allow you to add or remove coverable locations and services depending on the specifics of your event. The company offers up to $5 million in liability coverage and features cancellation policies starting at $95.
COVID-19 Policy: WedSure is still offering cancellation policies, but the company will not cover COVID-19 related cancellations. Per company policy, COVID-19 is considered a known circumstance and is therefore outside coverage.
Is Wedding Insurance Worth Getting
For some soon-to-be newlyweds, wedding insurance will be a requirement based on where they are getting married. Many venues require couples to show proof of insurance to protect their business from bodily injury or property damage. Couples who dont require proof of liability should still consider having their wedding insured, given the relatively small cost of avoiding a significant financial loss.
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How Does Wedding Insurance Work
Wedding insurance falls under special event coverage and usually comes in one-day, two-day and weekend length policies. There are two general types of policies:
Todd Shasha, managing director of personal insurance product management at Travelers, said wedding insurance is the perfect way to protect a significant investment.
No matter the size, location and scale of your nuptials, a wedding is a significant investment as couples and their families plan full weekends complete with a rehearsal dinner, the wedding event itself and perhaps a celebratory send-off brunch. A wedding insurance policy helps to protect that investment from common and costly mishaps that can occur before, during and after the celebration, he said.
Wedding insurance varies by coverage levels and deductibles. You can also add riders to the policy, such as liquor liability protection.
One item that isnt covered by any wedding insurance is the planner.
I am an LLC and carry my own insurance, but that doesnt protect against cancellations, she said.
Why Get Wedding Insurance
Consider these scenarios:
- Jordan and Blake spend months planning their winter wedding. But on the wedding day, their reception site is made inaccessible by an ice storm. With the right wedding insurance policy, the couple can postpone their wedding and receive every penny they lost including money for the invites, cake, catering, attire and nonrefundable deposits for ceremony musicians, a floral designer and other vendors.
- The bride’s father is injured in a car accident just before the wedding and cannot travel. If the couple has to postpone their wedding, with wedding insurance they could be paid back their expenses to enable them to have the wedding when the father recovers.
- Right before the ceremony, Brittany’s gown catches a gust of wind. Unfortunately, the tulle dances right over to the end of Uncle Howard’s cigar and the dress instantly goes up in flames. Fortunately, the right insurance policy covers the replacement of the veil and gown.
- There is an unprecedented, global pandemic that creates undue economic hardship, limits all air travel, and results in laws banning large gatherings. Sound familiar? Wedding insurance protects the costs paid for your ceremony from similar extraordinary circumstances beyond your control.
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