The recent hurricane in the eastern United States not only disrupted business and daily life for many, but in some cases forced couples to either postpone or cancel their wedding. This cancellation may have resulted in the loss of non-refundable deposits for services associated with the wedding. However, for Markel American Insurance Company Event Insurance customers, their lost deposits were covered under their Wedding Cancellation Insurance policy.
“Because of Hurricane Irene, some of our policyholders in North Carolina, New York, and other Eastern states were forced to cancel or postpone their wedding,” said Claims Manager Lisa Kozik. “Had they not invested in a Wedding Cancellation Insurance policy, they would have been responsible for any expenses associated with those changes.”
Wedding Cancellation Insurance provides compensation for additional expenses that may be incurred to avoid cancellation of the wedding, including moving the event to another venue. Non- refundable deposits that are forfeited because of unforeseen circumstances are also eligible for reimbursement.
Wedding Cancellation Insurance also provides reimbursement for hall and location rentals, catering services, property and equipment rentals, and accommodations (including travel arrangements and accommodations for a honeymoon, if applicable), if the wedding needs to be postponed or cancelled for a covered reason (including but not limited to natural disasters such as earthquakes and hurricanes). Coverage is also available for lost wedding rings, damage to special wedding attire, vendor no-shows, lost or damaged photography, videography, and wedding gifts. In addition to natural disasters, other unforeseen circumstances covered by Wedding Cancellation Insurance include vendor bankruptcy, illness, and military deployment. Similar types of coverages are also available for private events including family reunions, retirement parties, anniversary parties, birthdays, and family reunions.
“The average cost of a wedding in the United States is approximately $24,000,” states Timberlee Tamraz Grove, President and COO of Markel American Insurance Company. “With everything involved in planning a wedding, it’s easy for someone to get caught up in the small, emotional details and forget that the wedding is also a significant investment. Given the fact that the cost of a Wedding Cancellation Insurance policy can be as low as $110, it’s not an enormous cost to protect the investment should something happen.”
Click here for more business strategies news.
