As well as general wedding planning chat, today will be about wedding insurance with top tips from Wedding Insurance Group #UKWedLunch
TOP TIP 1: insure your wedding just like your other life assets, car and property #UKWedLunch
TOP TIP 2: protect your wedding ceremony and reception in case of cancellation due to illness, fire, flood or adverse weather conditions #UKWedLunch
TOP TIP 3: check for policies that cover bankruptcy or liquidation of suppliers plus cover for wedding cars and transport for breakdowns or accidents #UKWedLunch
TOP TIP 4: think about additional cover for wedding gifts, rings, flowers, wedding cake and attendants gifts #UKWedLunch
TOP TIP 5: check with your venue if you need additional public liability to cover accidental injury or loss of all guests #UKWedLunch
TOP TIP 6: consider bespoke cover for ceremonial sword, marquee, mobile WC, overseas etc #UKWedLunch
Here are some insights from the Wedding Insurance Group – they discuss what wedding insurance is, what it covers, how much it costs as well as some tips on selecting the best wedding insurance policy and what are the risks of an uninsured wedding.
The majority of couples will tie the knot this year without wedding insurance. The last time a study was conducted in 2010, Datamonitor estimated 3 out of 4 weddings in the UK go-ahead uninsured. We don’t have any recent national data, however, our friends over at the Wedding Insurance Group have reported an increase in the number of couples taking out wedding insurance in the last year. It is still arguable that the majority of wedding days and receptions go on uninsured. To understand more, we first have to look at how much weddings cost on average.
The average cost of a UK wedding
It’s no secret that the average cost of a UK wedding has increased over the years. In 2017, various sources reported different averages:
It’s understandable that many couples will be aiming for a cheaper wedding but at the end of the day, weddings usually are expensive and therefore may require insurance for the couple’s peace of mind. Here’s a scenario to put this in perspective.
Insure your wedding just like your other life assets
Imagine you bought an expensive piece of jewellery that was not covered by your contents insurance. Would you be comfortable leaving your property knowing that if something went wrong, you would not be able to recover its value? Chances are, you’ll ensure that such an asset is appropriately insured, just like your car and property. So why should a wedding be any different?
What does wedding insurance cover?
A good policy will protect your wedding ceremony and reception. Many top providers offer different levels of cover as packages. In this article, we will be using the various packages provided by the Wedding Insurance Group as examples. The following key covers are typical of a wedding insurance policy, however you should always read the Policy Wording to ensure the cover meets your needs.
Wedding cancellation
This protects irrecoverable deposits or fees paid up front if the wedding reception or ceremony was unavoidably cancelled due to reasons such as family or the couple falling unexpectedly ill, the venue experiencing a disaster such as fire or flood or the inability of the couple and majority of the guests to reach the wedding ceremony or reception due to adverse weather conditions.
Additional costs of rearrangement
Imagine the couple paid £5,000 for a wedding venue, which then experiences a disaster such as a fire or flood. As a result, the wedding is moved to an alternative venue that costs £2,000 more. The cancellation cover protects the initial £5,000 cost whilst the additional cost of rearrangement cover protects the extra £2,000 to move the wedding in the event of a valid claim.
The financial failure of suppliers
This provides cover if suppliers have gone out of business due to bankruptcy or liquidation. For example, the cake maker or photographer end up closing their business and are unable to deliver their services. Irrecoverable deposits and the additional costs of arranging alternative suppliers are covered even if the deposit was paid before you bought the policy. Certain wedding insurance policies also contain a specific cover for wedding cars and transport in the instance of breakdowns or accidents.
Additional covers
The policies provided by the Wedding Insurance Group also cover additional important aspects of the wedding such as:
Wedding gifts
Rings
Flowers
Wedding cake
Attendants gifts
Wedding liability insurance
This is essentially public liability for the couple that covers accidental injury to third parties or accidental loss of or accidental damage to third party property. Certain policies such as those provided by the Wedding Insurance Group offer the option to increase public liability to cover all guests. Certain venues will not take on a wedding booking unless the couple has public liability cover of £2 million or more. Some insurance providers do offer the option of liability cover only.
Optional covers
As with most insurance policies, there are optional covers to ensure any bespoke preferences are protected such as:
ceremonial sword cover
extending public liability to £5 million
extending public liability cover to all guests
marquee and mobile WC cover
Overseas wedding insurance
Many wedding insurance providers offer overseas wedding insurance containing the key covers detailed above with additional cover for essential documents such as passports, birth certificates and visas.
Excess and policy wordings
Some wedding insurance providers like the Wedding Insurance Group do not require excesses on any of their policies. It’s always a good idea to read your policy wordings so that you are clear on the exact cover you are purchasing and any additional costs. You may wish to avoid a policy with complicated wordings. Certain providers use ‘Plain English’ and shorter wordings which make it a lot easier for you to understand.
When can I take out wedding insurance?
The accepted period of time between purchasing wedding insurance and the big day itself varies amongst providers although you can purchase a policy up to 2 years before the wedding. It’s a good idea to get cover in place once you start paying deposits and making arrangements. There may also be limits between the date of the ceremony and reception. For example, non-Asian Weddings and Civil partnership ceremonies and receptions insured by the Wedding Insurance Group are required to occur within a 21-day period. There are policies for Asian weddings detailed below.
Asian wedding insurance
There are specialist policies available that are specifically designed for Asian weddings or Shaadi. These policies cover up to 6 events over a period of 94 days and are also delivered as different packages that include the key covers detailed above.
Travel & Honeymoon Insurance
The Wedding Insurance Group offer policies specifically designed for Honeymoons offering single or annual multi trips and long stays. In addition to the usual covers such as emergency medical expenses and cancellation, features such as no age limits or discounts for families (kids go free) are available on single trip policies.
How much does wedding insurance cost?
Costs do vary amongst providers but typically you can arrange cover for less than the price of a bottle of champagne. You can pick up a policy starting from as little as £25 for wedding insurance or £59 for Asian wedding insurance. Naturally, you will want to shop around and you’ll notice many providers display convenient tables that compare different levels of cover. Again, we recommend you read the policy wordings that may contain clauses not displayed in the summarised tables so you are clear about the insurance you are purchasing.
What is the best wedding insurance?
This is solely dependent on the ceremony and reception plan. As detailed above, tables that compare different packages and optional extras make it easier for you to find a level of cover suitable for your wedding and planned expenditure. It’s best to finalise all plans, ensure all suppliers are booked and have an idea of your total costs before purchasing wedding insurance so you are not spending more than you need on a policy.
What are the risks of an uninsured wedding?
Without insurance, the possibility of suppliers failing to deliver their services, the venue going out of business or burning down and the probability of family or the couple falling ill all threaten the harmonious running of a wedding. There are many news stories online about cancelled weddings and other wedding-related disasters that serve as examples of how things can go wrong. Likewise it’s just as important to make sure you are adequately covered and don’t leave yourself underinsured.
Concluding thoughts
As detailed in the introduction, the number of couples taking out wedding insurance is increasing due to greater awareness and recommendations from wedding professionals. Planning a wedding already requires a lot of focus and attention, therefore, it makes sense to ensure all that hard work and financial outlay is protected so you can get on and enjoy one of the happiest days of your life.
My phone broke the other week and I lost all my photos. I was gutted I’d not backed it up recently. It made me realise how important pictures are to me – a lasting memory of a moment in time never to be replayed. Luckily technology nowadays allows us to have a back up, prepare for the worst and gives us options should accidents or the unexpected happen. Surely we should apply this same back up plan mentality when thinking about one of the biggest (and most expensive) days of our lives? Here are some things to think about, courtesy of those nice people at Silk Thistle Wedding Insurance.
When planning your wedding, insurance is probably the last thing on your mind. After all, there are so many important decisions to make: Finding the perfect venue, planning menus, colour schemes and flowers. Would you like your bouquet cascade or would a single flower make more of a statement? Should you have a traditional three-tier cake or one made of cheese or even a pork pie wedding cake? Would you prefer a vintage Rolls Royce to take you there or something a little different, like a double decker bus or a Hummer?
Even wedding photography has got more complicated; drones, videos and photo booths are all available, as well as some amazing wedding photographers, but who or what do you choose? There are wedding trends you had never even thought of: Boho, Gatsby, Rockabilly and Fairytale to name a few. Your wedding dress will reflect your style so it’s essential to get it right. And what about the shoes?
You plan everything down to the minutest detail. It’s like a military operation. What could possibly go wrong……?
Well unfortunately, things don’t always go to plan. What if the hotel you had booked your reception at went into receivership, along with your hefty deposit just two weeks before the wedding? Or the bridal shop burnt down, along with your dress? What if your Dad had to go into hospital suddenly? The seating plan would be the least of your worries as you would be more likely to postpone the wedding altogether. It’s all very well planning for a little rain, but what if the weather was so bad you and your guests couldn’t even get there? What would you do if the photographer’s equipment was stolen and all those memories lost or the wedding cake got damaged in transit?
Wedding Insurance can protect against such eventualities by covering you financially should things go wrong. At Silk Thistle Wedding Insurance, there are six levels of cover to suit every budget, as well as optional extras like marquee, ceremonial swords and public liability cover. They cover things like the rings, venue, dress, cake, suppliers and even photography (if only they covered losing photos on smart phones!)
With the average wedding in the UK costing over £20,000 they don’t come cheap. It is a large financial commitment, probably the biggest you’ll make after buying a house and a car. Wedding Insurance is probably one of the smallest expenses of your wedding budget. It could be the best money you’ll ever spend on your wedding!
Overseas wedding insurance
