But what if that picture-perfect venue goes out of business ahead of your date or the blushing bride-to-be changes her mind? Special event insurance is designed to provide financial protection against these and other unforeseen circumstances.
While it's possible with a little forethought to avoid common disastersduring your special event, it's a good idea to consider seeking coverage for the following:
Cancellation -- Protect yourself against cancellation due to unforeseen circumstances (or at least those your policy will cover). These typically include death, illness or serious injury of key participants in the event; some clauses even cover inclement weather.
Liability of Guests -- Special event insurance can cover you if guests cause injury or property damage. If you're serving alcohol, make sure a liquor liability clause is also added.
Vendor Default -- What if a service provider fails to show up on the big day? This can include a minister or rabbi, for example, or vendors such as a caterer, florist or photographer. Some special event policies will cover postponement or cancellation for these reasons.
Cold Feet -- Many special event insurance policies do not cover last-minute cancellation due to cold feet. If you want a little peace of mind, ask about a change of heart clause, which may reduce financial losses should an unexpected change occur. Cold feet clauses typically cover any deposits that would be forfeited in the event of a cancellation.