Planning Ahead with Event Insurance

You have set your budget and worked out your timeline down to the last detail, but one thing you might have forgotten to plan was your event insurance. While most venues do require proof of event insurance, some couples sign the contract and then realize they never looked into the insurance policy until right before their event.

Planning ahead can save you time and often save you money because you won't be scrambling to find a policy that supplies adequate coverage. (In most cases, up to $1M for the day of the event.)

To find out more about insurance options, I turned to Brian Arntzen of Avrit Insurance in Chico. Brian was kind enough to meet with me and answer all of my insurance questions so that I could better assist clients. Here is a run down of what we discussed:

Why do couples need event insurance?
Not only is event insurance often required by venues, it provides protection for the couple's investments they have made for their wedding.

Most venues are now asking for $1M Liability Coverage, is this excessive?
Think of it this way, a wedding venue potentially has hundreds of events in any given year. Each of those events in this case weddings, could hold up to any where from 100-300 guests on average. That is 100-300 people who could fall, or be injured, drink too much or potentially cause damage on their property. The risk doesn't end there, in fact if a guest is served alcohol at a wedding and then leaves, and god forbid crashes their car the venue or couple themselves can be held liable in some cases. The venue would be exposed to a huge liability and this cost or risk, and in order to keep their site fees affordable they have to pass off this liability to their clients.

What are the factors of determining costs for the insurance policy?
Factors include the number of guests, level of liability and property damage coverage, and if alcohol will be served or not.

Why should couples use an agent rather than buying a policy from one of the online sites?
When couples use a local agent they can sit down and ask questions, have a name and face rather than an "800" number. Not only that, but they can rest assured that the policy they select will offer the coverage that best suits their event.

Which companies do you work with most often?
Travelers Indemnity Company,
The Main Event- by Abram Insurance

What does a travelers policy cover?

Travelers has covered customers through many wedding-day mishaps, including:

Postponement due to family illnesses & travel delays
Flowers and wedding photography that failed to arrive when promised
Bakers, caterers, bridal boutiques, and wedding venues that went out of business
No-show photographers and DJs
Lost or damaged wedding rings, dresses and attire
Damaged wedding cake, spoiled food, and other glitches in catering and entertainment
And more…

How soon before the event should couples have a policy in place?
Usually a venue just needs the proof of coverage before the event, typically when you make your final payment. Within 30 days would be a good time to make sure that you have selected a policy that meets all of your needs.

What sort of price range are couples looking at?
Premiums can rage anywhere from $160 to upwards of $300 depending on the number of days covered, number of guests, coverage limitations (property damage, liability) and if liquor liability is required.