The flurry of excitement following an engagement should not blind a couple to possible disappointments before or during the wedding. Thankfully, insurance is available to protect against unforeseen mishaps.
Couples should definitely insure the wedding rings and wedding gifts and should also consider covering the ceremony, reception and honeymoon.
Rings: Engagement and wedding rings can be insured as part of household cover. Even those without a property or those living with parents can obtain insurance for an engagement ring.
Most home policies include sections on building, contents and all-risk cover. Rings should be protected under "all-risk" cover in two ways depending on their value, says a spokesman for the Irish Insurance Federation. If an item is worth more than £1,500 (€1,905) it should be specified by the customer in the insurers policy agreement. Before deciding to provide insurance, the company may ask for a description of the ring and a copy of the ring's valuation. Jewellery under £1,500 in value may remain unspecified on most policies.
Consumers should shop around to get the best value for their money as household insurance prices vary greatly. Cover for a ring valued at £2,000 should add only £25-£30 a year to your normal household insurance premium, said the spokesman.
Gifts: These items may also be protected against fire and theft through household insurance. Most insurers will increase the cover by 10 per cent one month either side of a wedding. It is important that if the gifts are stored elsewhere, such as in a parent's home, that their insurance is increased accordingly.
The day: Wedding insurance is popular in Britain and the US where hotels demand full payment upfront. In the Republic, venues and other service providers usually only ask for a deposit so potential losses due to initial outlays are reduced. Although no insurer operating in the Republic has wedding-specific cover, at least one is offering event-cancellation cover.
If a wedding is postponed or cancelled due to an unexpected rather than inevitable situation, such as a fire in the hotel or death or illness of bride, groom or a close relative, cancellation insurance may cover most of the losses incurred on the day. No insurance policy protects against a change of heart or cold feet.
When purchasing a cancellation policy, the insurance company will request the names and ages of the specified persons plus confirmation of their good health if they are elderly. This may include consultation with a doctor or completion of a health questionnaire.
However, it is essential to read the fine print to determine if all outlays or only lost deposits will be reimbursed.
Royal and Sun Alliance (RSA) says demand for wedding-related cancellation cover has increased substantially in the last 18 months. Although the insurer does not have a specific product, it is in the process of developing one.
Over the last month, RSA says it has received an average of one query per week on wedding-related insurance. Sums insured average £10,000 to £15,000 although one person recently asked for £50,000 worth of cover.
"Cancellation-of-wedding" insurance policies start at £125 and a wedding of £12,000-£15,000 typically costs between £150£200 to insure.
The honeymoon: For an additional fee, RSA policies may also cover travel insurance for the honeymoon. This entitles the customer to the full range of travel insurance features such as: cancellation, hospital, medical expenses, personal baggage.
Unfortunately, the RSA policy does not include public-liability cover. A spokesman for the insurer said most venues included this as part of the package but it was best to check with them before booking. Those having a wedding in a private home would be wise to purchase this type of cover in the event of any accident during the day.
