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Private
Event Insurance: Protecting Investments on Your Special Occasion
(ARA) - Every year in the United States over two million
couples walk down the aisle to exchange vows on the most
important day of their lives. Planning for such a momentous
celebration involves months of countless decisions, budget
analysis and check writing. The happy couple (and their parents
who often pay for most of the wedding) worry over the blunders
that could unexpectedly occur: bad weather, an absent
photographer, and even a bride or groom with cold feet!
During the planning process, many couples can feel defenseless
against these possible mishaps, and rightly so, since emotions
and finances are highly invested in their big day. The average
wedding cost in 2006 was $27,000 according to Coned' Nast, and
with prices for private events escalating, protecting financial
investments for such occasions is a growing concern.
To offset the risk, you can now purchase private event coverage
for weddings, bar mitzvahs and other milestone celebrations.
Fireman's Fund Insurance Company offers Weddingsurance, the only
policy to cover "change of heart." This insurance specifically
safeguards an innocent party against cancellation in the event
that the bride or groom experiences cold feet, they'll be able
to recover expenses for the rehearsal, rehearsal dinner,
ceremony, reception or honeymoon.
"There's growing concern from parents that their son or daughter
will be left at the altar and they'll be stuck paying for a
wedding that never happened," says Erron Al-Amin of Fireman's
Fund Insurance Company. "To help allay this concern, we helped
develop a unique insurance coverage that would shield our
policyholders from financial loss associated with such an
unfortunate occurrence."
As with all decisions concerning your wedding or private event,
choose your private event insurance coverage carefully. When
shopping for private event coverage, think about the type of
event you're having and how much coverage you'll need. Things to
consider are:
* Personal Liability -- Does the policy cover legal
responsibility for bodily injury, personal injury or personal
property damage caused by a covered accident that occurs during
the event?
* Cancellation -- Sudden death or illness of a member of the
wedding party, power outage at the venue or even airport
closures can cause a costly cancellation. Can you afford to lose
the deposits and redo the event?
* Professional Counseling -- A cancelled or disrupted event can
cause emotional distress. Some policies, including the Fireman's
Fund coverage, cover counseling to help the couple get over the
trauma.
* Photography -- If the photographer fails to appear or the
negatives are lost, stolen, damaged or not properly developed,
does the policy cover the cost of retaking the photos? Fireman's
Fund will cover costs, including travel expenses for the wedding
party, for an additional photo shoot.
* International Destinations -- Does the policy cover
destination weddings?
* Special Attire -- Is lost, stolen or damaged attire, including
the bridal gown, covered? What if the bridal shop goes bankrupt?
* Weather Coverage -- Will the policy pay expenses to move the
event to another location if bad weather is looming?
Although there may not be a price tag on the value of love, the
modern wedding is an expensive investment that families can't
afford not to protect.
For more information about special event insurance coverage, go
to
www.firemansfund.com/privateevents
Courtesy of ARAcontent
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