Insurance can stop wedding bells becoming wedding yells
THE WEDDINGS ‘season’ has arrived. All the planning, often over more than a year, frequently culminates in a post-Easter service and celebration and the costs and potential financial problems that can occur should certainly be protected by insurance. Wemmick in Charles Dickens’s
boldly declared upon seeing Miss Skiffins, “let’s have a wedding” but the novelist could have made quite a story out of the problems that can arise. Caterers can fail, the marquee can fall over and injure guests and the best man can lose the rings.
A great deal of trust can be placed in companies and expense involved often a long time before the special day. To protect, take out insurance the moment the couple become engaged.
According to American Express, a wedding costs £21,000 on average with each guest spending around £640 to attend.
Sometimes a date has to be unavoidably delayed, perhaps through a posting abroad (such as the Armed Forces), illness (like cancer diagnosis) or pregnancy.
A venue booked a long way ahead may refuse to cancel, disregarding its reputation, preferring to retain all money paid under the contract. This may be far more than the deposit as close to the date, the full expected cost may have been paid.
Three companies underwrite weddings insurance:
Hiscox but only as a special service to existing high networth clients Royal & Sun Alliance UK General Insurance, backed by Great Lakes Reinsurance.
Many household names offer policies underwritten by Leedsbased UK General Insurance. They include Debenhams, as well as Event Insurance Services. Other familiar names like John Lewis are underwritten by Royal & Sun Alliance. One tip is to check if an online discount is offered, such as 10 per cent with Debenhams.
Before deciding on the level of cover, consider the payment method to be used and terms of existing home cover. Wherever possible, use a credit card as under the Consumer Credit Act 1974, section 75, payments of £100-£30,000 (but not below or above) are protected if goods or services fail or are not provided.
The more recent Consumer Rights Act 2015 allows for refunds where any type of money has been used but the complaint has to be made within six months.
A contents insurance policy should help for jewellery, wedding attire and gifts but check the single article and overall limits as well as the amount that can be taken out of the property.
The insurer may require some articles to be specified and even valuations obtained, such as for an engagement ring, but the cover may be more comprehensive than one of the wedding insurance schemes.
Instead of creating a claim on a home policy and funding a possible high excess, a specialist scheme could be the answer.
It will also cover for items that are not available under property contents such as having to rearrange a wedding. Do not under-estimate the costs involved. It is far better to pay a slightly higher premium to ensure full protection.
WeddingPlan , underwritten by UK General Insurance, offers nine different levels of cover, John Lewis six and Debenhams five.
With sadly many specialist wedding shops closing, the failure of a supplier should be one of the key areas to protect. John Lewis covers from £5,000 to £50,000, Debenhams from £5,000£27,500 and WeddingPlan from £1,000-£35,000. Cancellation or rearrangement ought to also be on the high side with these three schemes offering £10,000£100,000, £10,000-£60,000 and £2,500-£65,000 respectively.
When considering dates and venues and the appropriate level of insurance protection, opting for a Friday rather than a Saturday can cut expenses by one-fifth whilst wedding planners say that if the event is held in the first two months of the year or November, the cost can be halved.
With attire covered, any damage – such as a tear or red wine poured down a bridal gown – is covered. If the clothing is hired, it is not necessary to pay for separate insurance offered by the retailer.
Do not overlook wedding gifts which can be lost or stolen and possibly damaged. The frequency of theft at venues and even from homes when thieves think no one will be present is common.
The happy couple cannot know such an overall value in advance but the three main schemes provide up to £10,000, £12,500 and £15,000. Enquire if this includes a cash element and also for vouchers from, say, department stores which are often given as presents.
Do not overlook photographs and a possible video. Any failure by a professional photographer should be covered, even to the point of retaking the wedding photographs.
Exact comparisons between schemes can be complicated by some insurers quoting for specific areas and others amalgamating them. Debenhams, for instance, quotes separately for wedding rings, attendants’ gifts and then a combined value for the cake and flowers whilst WeddingPlan brings all four elements together.
The last two items can make a major dent in any budget and an informal approach to a baker and florist should be made prior to deciding on the level of cover.
Premiums are comparatively modest for the risk involved, ranging from £58.88-£205.58 (Debenhams), £19.10-£206.59 (WeddingPlan) and £60-£300.50 (John Lewis). The excess is £25 or £50 but usually nil for legal expenses.
According to John Lewis, the top three reasons for claiming are: Failure of supplier Loss or damage Wedding cancellation.
Increasingly marquees are used for summer weddings. The cost of one if it should be damaged can be substantial. Cover can usually be arranged for either £25,000 or £50,000 for which John Lewis charges an extra £41 or £72.50 and WeddingPlan from £50.62.
It is even possible to insure ceremonial swords, typically up to £20,000 but with quite a high £250 excess. The premium is likely to be around £40.
With the popularity of weddings held abroad, insurers are happy to quote but check any policy differences with a UKbased event.
Some situations cannot be protected, notably any key member of the wedding party on a waiting list for hospital treatment or awaiting the results of tests or medical investigations that could result in them not being able to attend.
“Anxiety, stress or depression” are specifically ruled out by WeddingPlan as reasons for claiming. Policies usually require both the bride and groom or civil partners to be permanent UK residents when cover is purchased and, not surprisingly, a change of heart in not proceeding with the marriage is certainly not covered.
As with any insurance policy, it would be sensible to be guided by an experienced independent insurance broker. To locate one close to your home or work, use the ‘find a broker service’ online or by telephone 0370 950 1790.