Well the calendar says May and that means we are full into Graduations, Weddings and parties. These special events are fantastic and are welcomed reminders that the winter in New England is over and we can finally get back outside again.
These celebrations also come with costs, some financial and some in regards to opening yourself up to risk and the need for insurance.
Ok – Your wedding may seem like a strange thing to insure. But the average wedding can now cost around $31,000, that’s a pretty good sized investment not to protect.
Wedding and Special Event policies are designed to be flexible, and can be modified to meet the needs of even the most unique wedding or event.
Here are the popular wedding specific coverages offered:
- Event Cancellation insures your deposits, cake, flowers, rental cars and more if you have to cancel or postpone your event because of unforeseen circumstances
- Special Coverage insures your wedding rings, dress, tuxedos, gifts, photographs and more
- Event Liability Insurance comes standard and covers damages to the venue or injuries to guests (this is the type of insurance that venues often require).
- Are you serving alcohol or hiring a bartender? You should consider some form of Liquor liability
When considering a special event policy here are a few quick terms and definitions to assist you in determining what coverages would be best for your event:
What is the basic purpose of a liability policy? This is designed to protect the Insured Event Holder, Concessionaire or Vendor against lawsuits arising by third parties for bodily injury or property damage.
Collapse of a Temporary Structure – This is an optional coverage (not always) available, but worth investigating if you are renting a tent. Keep in mind that damage to vehicles would not be covered.
Damage to Premises – Do you have friends that when you mix can get a bit “rowdy”? Let your imagination run with this one.
Hired and Non-Owned Automobile Liability – This protects you (the insured) against third-party lawsuits arising from the use of automobiles which are not owned or are rented, chartered or hired by you, like a limo or party bus.
These Next Two are IMPORTANT!
Host Liquor Liability – Host Liquor Liability provides protection for the event holder against bodily injury or property damage suits brought by parties whose injuries arise from actions of an intoxicated event guest. This coverage applies only if there is no transfer of money for alcohol or service/product packages that include alcohol. If there is any money changing hands and alcohol is served, Host Liquor Liability coverage does not apply.
Liquor Liability – Like Host Liquor – but guests are charged for alcohol. If there is any money changing hands and alcohol is served, Liquor Liability coverage provides the proper protection. It also provides coverage if the event holder violates any statute, ordinance or regulation relating to the sale, gift, distribution or use of alcoholic beverages.
Medical Payments – This coverage pays the cost of an injured person’s medical expenses up to the limit chosen, without consideration of who is at fault. This coverage often helps to avoid lawsuits by providing you with an easy way to appease a potentially litigious injured person.
Third Party Property Damage Liability (Care, Custody, Control Liability) – You will need to read carefully – most liability policies have exclusions for physical damage or loss to property while it is in the care, custody or control of the insured (your possession).
Waiver of Subrogation – This is an optional endorsement available and is generally only needed if a rental agreement requires such an endorsement. When a Waiver of Subrogation Endorsement is added, the insurance carrier cannot seek restitution from a third party. Without a Waiver of Subrogation, your insurance carrier may choose to sue a third party to recover the amount of a claim paid if the loss was caused by that third party — this is called subrogation. Some facility rental agreements, such as the one in the case above, require you to waive your right of subrogation – and therefore your insurance company’s rights – against the facility owner in the event of a claim.
Hopefully all this talk of injuries, damages and litigation have not put a damper on your event planning. These polices can often be obtained quickly so if you are holding an event this spring it is not too late to have this talk and contact an agent.
The best advise we can give is to speak with your agent regarding these risks and take the time to evaluate your exposure.
Thanks for reading and please share this information with your friends and family.
Sanviti Insurance is a local Trusted Choice® agency that represents multiple insurance companies, so it offers you a variety of personal and business coverage choices and can customize an insurance plan to meet your personal or business needs. You can visit Sanviti Insurance online at www.SanvitiAgency.com or call it at 617-389-2020.