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COVID-19 is an unwanted guest that has postponed many weddings and other events over the past year and into 2021.
Many couples, after being forced to cancel their nuptials due to the pandemic, may now be looking at a backyard wedding, for example, because of health restrictions governing the number of people that can gather for an event – both inside and out.
There are different types of policies that apply to events such as weddings.
Host liability coverage is designed to exclusively protect the insured if something goes wrong at an event they are organizing and it’s for liability purposes only. This could be a wedding, a retirement party, graduation, or birthday party. It doesn’t cover goods or items provided for the event.
The coverage is sometimes required by a venue for someone to book their event. It can also be added for events that occur at the insured’s home or outside venues.
Prices range from a few hundred dollars or higher, depending on the event. An example of where this coverage would be helpful would be if a guest breaks a leg while attending the event or accidentally causes damage to the venue and now the organizer is on the hook for the repairs.
This type of coverage must often be referred to the carrier for approval. Some of the questions a person seeking this type of insurance might have to answer include:
It’s a good idea to speak with your broker so you know what’s in the fine print. They will help you navigate the process. Many halls and venues have their own insurance, but still require a person to have host liability insurance to be able to book the event at that location. Be sure to ask what is covered by the venue’s policy.
Event cancellation insurance is a different type of coverage. It’s a policy that helps protect your investment in a specific event, such as a wedding. It may help cover costs if you unexpectedly need to cancel the occasion. This type of insurance is usually offered by a company that specializes in this type of coverage.
Now that we’ve examined the two types of coverage, here are some tips if you must cancel or reschedule a wedding or other special event:
Covid-19 restrictions make planning any event tricky. You may want to hold off until a later date or completely scale it down based on public health guidelines. Whatever you decide, it’s a good idea to know that your special day is protected.
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