COVID-19 is making headlines all over the world, leading to travel bans and the cancellation of major events. If you’re planning your own event, say a wedding, you’re probably wondering if wedding cancellation insurance will cover you if the virus causes you to have to cancel or postpone the event. The short answer is that if you bought insurance before the outbreak started, you should be fine. If you’re shopping for wedding insurance now, it won’t cover COVID-19.
With large events being cancelled left and right these days as a precaution to prevent the spread of COVID-19, governments advising citizens not to travel, and news outlets warning about shortages related to the outbreak, a lot of young Canadians who are planning weddings this Spring and Summer are freaking out…maybe not about the virus itself, but about whether it will throw off the delicate coordination of venues, vendors and guests that all have to come together to make the big day happen.
Wedding insurance has been available for years in Canada, and you can typically purchase a policy for a couple hundred dollars. With some weddings costing more than $50,000 or $100,000, the insurance can’t make the big day go off without a hitch, but it can ease the massive financial burden if it doesn’t.
Because the COVID-19 situation is rapidly evolving, it’s hard to say if your wedding insurance would cover you if you had to cancel or postpone your wedding due to circumstances related to the virus. Different insurance companies are taking different positions, but generally, the following applies:
Here’s what a wedding insurance policy typically covers:
A wedding policy can also include coverage for things like:
You can even buy protection for your cake, flowers and stationery!
Like any insurance policy, a wedding policy has certain circumstances that are specifically not covered. These are called exclusions. Here are some typical exclusions related to the cancellation portion of the policy:
In addition to excluding the above circumstances, most wedding insurance policies require the bride and groom to take precautions to prevent a claim, like seeing a doctor if they’re sick, making alternate arrangements if a vendor fails to deliver etc.
Want to add to this story? Let us know in comments below! Mitchell & Whale is a fast-growing insurance brokerage in Ontario, striving to make insurance _not suck_ one customer at a time. Give us a call today to discuss any of your insurance needs at 1.800.731.2228.