E is for Event Insurance!
Okay this isn’t the most glamorous topic we could think of, but it’s information we feel like we’re constantly dishing out. We’ll do our best to keep it interesting! There are two basic things you need to know about event insurance. First, there are two types of insurance, and second most venues require you to get it.
The two types of event insurance are liability insurance and cancellation/postponement insurance. Liability is the one that is required by many venues and is exactly what it sounds like. Similar to general liability insurance, it covers any accidents that happen on the wedding day. It’s also important because there’s a liquor liability clause included in most, which is usually why the venues require it. An extra layer of protection never hurt anyone.
Cancellation/Postponement insurance is never required by a venue, but is a good thing to have for some couples. I typically recommend getting it when there are multiple financial contributors to the wedding. This protects everyone if your event is postponed or cancelled due to specific reasons outlined in the policy. It’s important to note that a global pandemic is not a covered cause for cancellation or postponement. But if the Groom breaks his femur the week of the wedding and is in a full-leg cast, postponement might be on the table. In that case, some deposits and losses could be covered by filing a claim.
Once you dig deeper into policies, it can get a bit overwhelming. Many couples see “aggregate liability” and immediately stop in their tracks and call to ask what the heck that is. In order to get exactly what your venue wants you to have, read the fine print of your contract with them. It often will tell you verbatim what limit you need to choose. If not, call the venue and ask more questions. They’re the ones requiring it, we want to make sure you get what they want!