So, you’ve invested in or thinking of buying wedding insurance. But, as we all know the wedding insurance market along with its clients has been turned on its metaphorical head by the Covid-19 pandemic.
These last few weeks I’ve regularly been speaking to my wedding couples, who now have to cancel or postpone their long planned for 2020 wedding as a consequence of the fallout from the pandemic.
Postpone or cancel – Sorry Not covered
What has quickly become apparent is that even though most of my couples took out wedding insurance, they are finding out that their insurance policy doesn’t necessarily cover them for having to postpone or even cancel their wedding.
It’s a big topic and one that strikes at the very heart and soul of not only couples but wedding suppliers as well. As a wedding photographer I am supporting my couples by being as flexible as possible where re-scheduling is concerned, but that help and flexibility is limited if I am to ensure that my business continues. For every wedding postponed and re-scheduled for next year it means one less day available for ‘new’ weddings and a reduction in income in both 2020 and 2021
Hamish Shepherd, CEO and founder of Bridebook, is so concerned by the situation for both couples and suppliers that he has written an open letter to the Government on the issue.
With that in mind I had a chat with a friend, who is also an experienced insurance broker and asked her if it’s worth buying wedding insurance and what are her top 5 questions to ask when buying wedding insurance. So, here’s what you need to know from a seasoned insider:
Is it worth buying wedding insurance?
I’m a great believer in always acting as if not insured! If you’re getting married and considering insurance the first thing to check and get comfortable with are your suppliers and their cancellation terms and conditions.
Depending on what those terms and conditions are, I might then decide that I would rather not insure. Insurance isn’t always the answer and it depends on your attitude to risk.
As so many wedding couples are finding out right now, buying insurance and not knowing the extent to which it provides cover, or finding it doesn’t cover you for what you need can be a distressing wake up call.
What are the top 5 questions to ask when buying wedding insurance?
Having worked in the insurance industry for over 20 years I’m still surprised that the people buy insurance in the belief that it will cover them ‘all eventualities’. And, my experience is that most people only read their insurance documents properly when they need to claim!
So, here are 5 questions to ask when buying wedding insurance:
- Who is underwriting the policy? I’m always wary of companies outside of the mainstream. The Association of British Insurers (ABI) is always worth a look. As the voice of the UK insurance industry they have loads of advice/ information on their website.
- What does it say in the ‘small print’? Read through your document thoroughly and if there is something that isn’t clear, ask the provider or your broker what it means. Most reputable companies won’t deny a claim where they should be paid, but knowing what the policy actually covers beyond the ‘headlines’ is essential.
- What do you actually want your wedding insurance to cover you for? Most policies cover for cancellation costs and associated costs following specified events such as death/illness, supplier failure, outbreak of contagious disease at the venue, severe weather conditions etc. In addition policies generally provide cover for accidental loss of or damage to rings/cakes/gifts etc.
- Does your wedding insurance cover pandemic events such as Covid-19? Whilst policies often allow for outbreak of contagious disease i.e. your wedding venue has an outbreak of salmonella, it doesn’t mean that they will necessarily provide cover for pandemics. Equally the small print will often refer to ‘force majeure’ events that they won’t provide cover for.
- How can we make sure that we get the right wedding insurance policy for our wedding? ‘Which’ magazine/website can sometimes be a good place to quickly assess differences and to analyse different policies. However I would urge people to consider using a broker rather than going ‘direct’. They can do the ‘leg work’ for you and help you to get something that suits your needs with a reputable company.
Helpful Wedding Insurance Resources
If you’re planning your wedding I hope that you’ve found this article useful. At this moment in time there’s a lot going on so it’s worth checking out these other resources to help you decide if wedding insurance is worth buying:
From Which: What does the coronavirus wedding ban mean for your wedding insurance?
From the guys at Money Saving Expert: https://www.moneysavingexpert.com/insurance/wedding-insurance/
And more from Money Saving Expert: https://www.moneysavingexpert.com/news/2020/03/leading-wedding-insurance-providers-stop-offering-new-policies/
And something from our friends at wedding planning app Bridebook, and there post on The 8 Best Wedding Insurance Providers: https://bridebook.co.uk/compare-wedding-insurance