What happens if you postpone or cancel your event? What will your event insurance cover? This article will discuss how your insurance might cover lost revenue, tuxedos, and gifts. For example, you may wonder whether your insurance will cover the tuxedos if you plan a wedding.
Event Insurance May Cover A Postponed Or Canceled Event
An insurance policy can protect you from financial loss if a postponed or canceled event is insignificant. However, most policies do not cover the costs incurred due to a delayed start or lack of advertising. In addition, some policies exclude coverage for a postponed or canceled event due to labor strikes or lockouts.
Some event cancellation insurance policies only cover private events, and some companies may require that you are a U.S. resident to qualify. Likewise, public affairs and sports events may not be eligible for cancellation insurance coverage. If you’ve decided to hold your event, check your policy with Thimble and make sure it covers the costs of postponement or cancellation.
It Covers Lost Revenue
An event cancellation insurance policy reimburses you for the costs of your event when bad weather prevents you from holding it. The coverage can include charges for venue rentals, catering, photographers, special attire, and other event-related expenses. Typically, this coverage excludes infectious diseases, including the recent COVID-19 outbreak. However, the terms of your insurance policy can vary. Depending on the level of coverage you choose, it can cover up to two million dollars in loss.
If your event is scheduled for an outdoor location, you’ll want to make sure you have event cancellation insurance. The cancellation cost can be high, and it can wipe out all of your business’s hard work. Thankfully, event cancellation insurance pays for the expenses incurred when bad weather makes it impossible to host an event. The policy also covers lost revenue if you’re forced to cancel or postpone an event due to inclement weather.
It Covers Gifts
Many insurance policies provide postponement or cancellation coverage depending on the type of event. Typically, policies will cover expenses, lost profits, and special attire, but specific ranges may exclude certain items. If you plan to host a significant event, check your insurance policy to see if your policy covers such things. Otherwise, you may be out of luck.
Another typical example of this is when the weather forces us to postpone or cancel an event. Some insurance policies cover the event if rain causes us to cancel or postpone. You will also want to check if the event cancellation insurance covered any other expenses, such as lost deposits from no-show vendors and lost or stolen gifts. Whether the event is held indoors or outdoors, you should have sufficient insurance coverage to cover all the possible risks.
It Covers Tuxedos
Weddings are costly, so it makes sense to protect them with wedding insurance. Wedding insurance covers the cost of a wedding gown and tuxedo if a hurricane or natural disaster forces us to postpone or cancel the event. It also protects your wedding venue from liability if a disaster occurs and the wedding is canceled, and your wedding gifts, photos, and presents.
It Covers Jewelry
Even though most insurance policies do not cover a change of heart, this can be an exception in some circumstances. For example, if you pay for a wedding event and cancel it due to bad weather, your event insurance will cover your jewelry. Therefore, you might be able to claim reimbursement if the other party paid for the event. If this is the case, you may be able to claim compensation for professional counseling.