Wedding insurance is one of the best ways to protect your investment. This is a very popular option for US and British weddings but less common here. Like most events or concerts, weddings can be insured through "abandonment and 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 of a close relative, the insurance may cover most of the losses incurred on the day.
Coyle Hamilton is one of the independent insurance brokers offering this product to the Irish market. "It covers many of the costs incurred with arranging a wedding like the hiring of a venue, hotel deposits and transport," says business development executive, Mr Aidan Gordon.
Cover may be extended to the non-appearance of "key people" - like the bride, groom, parents or members of the wedding party - due to death, injury or illness. It does not cover a change of heart.
Some insurers also offer extra cover for the unexpected loss of wedding gifts and the couple's rings due to theft or fire. Insurers determine rates based on total cost incurred for a wedding, the number of people insured and the number of options chosen.
Cover for an average wedding based on a cost of £10,000-£12,000 (€12,700-€15,237) may cost £100-£150 just for the event itself, says Mr Gordon. This does not include any extra options.
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