February is the month of love, and Valentine's Day is here. There will be many announcements of engagements. The wedding planning will go on for months. Then comes that very exciting day when you watch your child get married. But what happens if the bride or groom doesn't show??
With the average cost of an American wedding now costing about $30,000, "cold feet" can be mighty costly. While wedding-cancellation insurance has been around for more than 15 years, the one calamity that wasn't covered was the fateful decision by a bride or groom to call the whole thing off. That was, until now. This coverage is called Change of Heart coverage.
If either the bride or groom "opts out" after endless months of planning and thousands of dollars in deposits, the parents hosting the wedding could be reimbursed because they would be a classic innocent party. But if the engaged couple was paying for some or all of their wedding and one got "cold feet", their portions wouldn't be covered. A basic cancellation policy for a $27,000 wedding costs about $220. That's slightly more than the average cost per guest.
Other than "cold feet", wedding coverage can cover many other horrible things that could happen on that very special day.
First there is Cancellation or Postponement coverage that will pay the nonrefundable expenses incurred when the rehearsal, rehearsal dinner, wedding or private event, reception or honeymoon, must be canceled or postponed for certain reasons beyond your control. This could be due to injury or illness.
Loss of Deposits coverage will pay for lost deposits that you have paid if they become non-refundable as a direct result of anyone hired to provide goods or services going out of business. Professional Counseling coverage will pay for professional counseling prescribed by a medical physician and resulting from a covered cancellation.
Personal Liability coverage will pay up to the coverage limit and deductible that you select, toward the sums for which you become legally responsible, as the result of bodily injury, personal injury or property damage caused by a covered accident which occurs during the course of a covered event such as the rehearsal, rehearsal dinner, ceremony or reception.
Host Liquor Liability is included. The host can be liable for injury or damage caused by or to an intoxicated person, if it can be established that the owner, operator or host caused or contributed to the intoxication.
***Excerpts provided by RV Nuccio & Associates
