It may not buy love, but money can buy an insurance policy to cover your big day.
Wedding insurance is important, especially as we negotiate the rules of engagement in the age of coronavirus. It protects you from the unforeseen on the day of your wedding.
Many venues insist on a form of insurance, although specific insurance for the ceremony taken out by couples can cover a multitude of other unforeseen circumstances, such as an extreme weather event, an injury or loss on the day.
Couples tying the knot fork out on average $700 for insurance, depending on your coverage limits and deductibles. With the average cost of a wedding across Australia coming in at $36,000, such insurance might be a good idea.
But the jury is out on whether wedding insurance covers cancellations because of COVID-19.
The Australian Competition and Consumer Commission advises couples to contact the venue directly and ask for a refund or other remedy, such as a credit note to postpone your wedding to a later date, if the wedding is cancelled because of the pandemic.
- If you had a right to a refund under the terms and conditions at the time you made your booking, businesses are not permitted to change the terms at a later time to deny you a refund;
If you receive a credit note or voucher, it should have an expiration date which is long enough to allow you to use the credit note or voucher, and
- Depending on your circumstances, you may also have other rights under common law, contract or state legislation.
- Some insurance companies will customise wedding insurance, which allows individuals the choice of covering certain items, while other types of insurance coverage are based on a package deal. Always check with the venue owners if they cover event liability, since it gives protection for the day of the event.
If the venue doesn’t have coverage, you may need to provide your own. Also, wedding event liability coverage may cover different things, for example, an injury, such as a slippage and property damage.
Typically, wedding insurance won’t cover you if you find yourself in a position where you can’t afford the costs of your wedding, which could be the case for many Australians who have been stood down from work because of the pandemic.
Here at Austbrokers Terrace we have a Wedding Insurance Specialist. Please call us and we can help you with planning your wedding.
Source: The Border Mail