The groom gallops from the altar. Rain washes out the family reunion. The sweet sixteen soiree goes sour. The graduation party fails. The bat mitzvah isn't kosher.
You get the bill.
There must be a better alternative.
There is.
It's not Lloyd's of London coverage, but you will feel like an insured celebrity if you've had the foresight to spend a few hundred dollars on something called "special event insurance."
Depending on the level of coverage, you can forget about losing money on special events that end up in disaster and instead claim benefits in the hundreds of thousands of dollars.
Event insurance is designed to protect you from financial loss if something costly goes horribly wrong during a host of events from anniversaries, baby showers and baptisms to quinceañeras, retirement parties and wedding parties, including those held in your home, according to the Insurance Information Institute.
Major providers, including Private Event Insurance; Fireman’s Fund; Travelers; and Wedsafe, say there's much small print to read, the coverage is focused and it's subject to specific conditions, exclusions, limits, restrictions, and deductibles, but the one-time premium offers a host of protections, including:
Weather -- Provided the policy is purchased sufficiently in advance of the event -- usually a few weeks -- and adverse weather prevents the celebration from taking place or a majority of your guests from attending, the costs of rescheduling the event can be covered.
Key People -- If people crucial to the event are unable to attend due to illness or injury, you'll miss their presence, but the cost of postponing the event can be covered.
Military -- If the event is postponed because the guest of honor is a member of the military whose leave is withdrawn, some costs can be covered. Prayers will see him or her home safely.
Photographs & Video -- If the photog or videographer fails to show, uses defective media, loses, destroys or improperly develops the negatives, coverage is available for the cost of the reshoot, but do choose a different paparazzo.
Special Event Gifts -- This coverage protects you against the theft, damage or loss of special event gifts.
Special Attire -- Special event attire, say, the wedding gown or tuxedoes, that is lost or damaged, can be covered by benefits to repair or replace the items. Obviously, if you want, say, the wedding to proceed, you'll have to come up with the cash first and be reimbursed later by insurance benefits.
Special jewelry -- Coverage is available to replace special event jewelry that is lost or stolen prior to event day.
Loss of Deposits -- Should one of your vendors go bankrupt or ceases doing business, coverage will reimburse you for deposits lost.
Professional Counseling -- In some cases, counseling due to emotional distress caused by the failed event may be covered and that could really help you feel better.
Liability and Property Damage -- A separate special event policy covers the guest of honor or party planner from liability related to accidents that result in bodily injury or property damage. Some hosting facilities may require the coverage.
"One thing that is generally not covered, however, is change of heart," according to the Insurance Information Institute.
Illness that causes the groom to bolt from the altar could, however, trigger coverage.
The insurance institute advises, before purchasing the coverage, check the following:
Read the small print to determine what is and isn't covered, how much the policy will cost and what level of reimbursement you can expect if you have to file a claim.
Check with your own home and auto insurance company, credit cards, warranties and other forms of coverage to determine if you already have some level of special event coverage.
Published: May 24, 2007
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Broderick Perkins parlayed a career in old-school journalism into a
contemporary digital news service that really hits home.
The award-winning consumer journalist, originally from Wilmington, DE, is founder, publisher and executive editor of the bootstrap DeadlineNews Group, a Silicon Valley-based editorial content and consulting service specializing in residential real estate, consumer news and related editorial consulting services.
The DeadlineNews Group includes the website, DeadlineNews.com, offering real estate editorial content and consulting services, and its back shop, the Deadline Newsroom, an open house on news that really hits home.
Perkins obtained his formal journalism education from University of Delaware and a journalism boot camp, the Institute of Journalism Education at the University of California-Berkeley. He went on to 20 years of service as a daily newspaper journalist at the Wilmington, DE News Journal and San Jose, CA Mercury News.
Perkins covered housing on the San Jose Mercury News reporting team which earned a General News Reporting Pulitzer Prize in 1989 for coverage of the Loma Prieta earthquake.
He has also produced real estate, consumer and small business content for the Wall Street Journal, Los Angeles Times, RealtyTimes.com, Nolo.com, Better Homes and Gardens, the National Association of Realtors, Homestore/Move and Intuit/Quicken among more than three dozen publications.
In addition to managing the DeadlineNews Group, Perkins most recently served as chief editorial consultant for Nolo's Essential Guide To Buying Your First Home, Nolo, and writes real estate television scripts for RealtyTimes.com.
Broderick Perkins parlayed a career in old-school journalism into a
contemporary digital news service that really hits home.