Insurance is often put in the too-hard basket. Let’s be honest, when you’re planning your future together, you don’t want to be thinking of bad stuff happening. But if something doesn’t go well, then having considered the risks can really cover your butt! I’ve asked Jon-Paul Hale from Willowgrove Consulting to share some of his advice on insurance as it relates to your wedding day. Here’s his advice.
Wedding day insurance – do I really need it?
If you read part one, you’ll know we’re talking about risk.
So what can go wrong? Just about everything. Most of the time, it does go right. So don’t despair.
What do you need to do?
- Learn to breathe deeply and relax.
- By now you should be clear on venue, providers and suppliers and have a good understanding of their Health & Safety planning.
- Time to ensure written contracts are done with every provider and supplier. These will state two things important to this discussion:
- That they are a supplier, committed to a specific date and time for a specific product or service. One of the most common issues with wedding mix ups is dates and times. Get it in writing.
- Secondly, the written agreement will state limits of liability, this will help you understand where you are exposed and if you need to take additional insurance for the day to ensure you don’t end up with an expensive mess to clean up.
- Point one feeds into point two. A common comment in insurance, if it’s not in writing, it didn’t happen. Which makes addressing a problem with a liable party a challenge if it’s verbal or unclear.
What else do you need to consider?
Hopefully you have the rest of the rings and jewellery sorted. Make sure they are specified on your contents insurance cover. If they now complete a set for your engagement ring(s) ensure your previously insured ring(s) are now included as a set.
Thinking about the venue or where your gifts will be stored.
Is there the right insurance cover in place? There have been more than one couple devastated to find their gifts got nicked while celebrating and they didn’t have insurance cover.
If they are going to be in someone’s house, make sure their insurance will cover them for the time they will be there. If at the venue or you’re concerned, specific coverage should be considered.
Speaking of additional cover, do you need it for any reason?
Usually because the contracts you have signed limit liability. In some of these situations you will need to explore adding additional insurance coverage. Having a chat to us about specifics would be an idea.
One thing we could have covered earlier, though we had limited space at the time, is insurance on you and your partner. I’m talking life insurance products, like Life Cover, Trauma Cover, Income Protection and Medical Insurance.
As I have said I’ve seen many things over the years. From grooms dyed red all over, except hands and head, to crazy antics that have resulted in long term disabilities and death.
Yes I’m talking the stag party mostly, but also wedding day antics too. This isn’t just the boys, but applies to the girls too.
A morbid discussion at a time when it is about rosy prospects and happy futures, unfortunately these things happen at the worst timing possible.
Medical cover should be considered to ensure anything that does happen is able to get the medical treatment it needs before the big day, or to manage around the big day, once emergency medicine has stabilised and discharged you.
Trauma cover and income protection should be considered to ensure you can modify your living environment for wheelchairs and income that funds your lifestyle, and pays the wedding bills, continues. I’ve seen a groom end up in a wheel chair from a wedding accident.
And finally life cover, to ensure that if the worst happens, any bills and costs associated with the wedding don’t hang around reminding you constantly, in a bad way.
I don’t wish any of this on anyone, but forewarned is forearmed. Having to pay off a cancelled wedding on one income when you planned to have a wonderful life with a partner and two incomes is massively debilitating for the survivor.
Next article we’ll discuss destination weddings and things that need further consideration.
If you feel there’s something that’s got a gap or you need some advice on the points raised, give me a call direct and we can discuss what’s required.
Jon-Paul Hale is the owner of Willowgrove Consulting and is an award winning insurance adviser with 15 years of insurance industry experience.
Finalist for 2016 PAA Life Insurance Adviser of the Year and the 2015 PAA New Life Insurance Adviser of the Year.
Contact Jon-Paul directly on 021 02269127 or firstname.lastname@example.org and www.willowgroveinsurance.co.nz