Life event #3: Milestones, Birthdays, and Anniversaries!
We mark our life with rites of passage and celebrations. From the moment we are born, there are life milestones to commemorate with our families and friends. As we grow older, our parties grow larger and more elaborate. We love to celebrate life!
Insurance type needed: Protector Plan for Events
What events are covered?
From Bat mitzvahs and Bar mitzvahs, to Debutante balls and Sweet sixteen parties; from Engagement parties and Weddings, to Christenings, Family reunions, Housewarmings, Milestone birthday parties; and anything else you wish to celebrate in style!
The necessity:
You spend much time and effort to make the party a memorable experience. You have thought of everything down to the smallest detail which the honoree will appreciate. Now protect your event against all those things you wish you could control on the big day but just can’t. This includes vendor dependability, weather, transportation, and broken items.
What is covered in the policy?
There are many different coverages available for events. The Travelers Protection Plan for Events includes the following:
Cancellation/ Postponement:
If severe weather forces you to postpone your event, the policy can provide reimbursement for non-recoverable expenses.
Lost deposits:
If your vendors go out of business, declare bankruptcy before your event, or fail to show up, the policy can help reimburse you.
Additional expense:
If a vendor suddenly becomes unavailable for your event but you can find a last minute replacement, the policy reimburses you the difference of cost.
Sudden illness:
If the event needs to be postponed due to sudden illness that prevents the honoree, her or his parents, grandparents or children from attending, you can receive reimbursements for non-recoverable expenses.
Ruined photos/ video:
If your photographer’s camera is defective, or memory cards are lost or damaged, the policy can help cover the cost of retaking new photos.
Call to duty:
If the honoree is unexpectedly called up to active duty, or has her or his military service leave revoked, forcing you to postpone the event, the policy can provide reimbursement for non-recoverable expenses.
Damaged gifts:
You can get repair or replacement cost if your event gifts are damaged.
Venue requires insurance:
As an additional option to your policy, you can add liability coverage to protect yourself in case a guest is injured or causes damage to property.
Liquor liability:
As an individual liability option to your policy, you can add this coverage to protect yourself against liability arising from on-site, alcohol-related occurrences (subject to policy conditions and exclusions.)
Special attire:
You can receive repair or replacement cost if the honoree’s event attire is lost or damaged.
Special jewelry:
You can receive repair or replacement cost for jewelry purchased or rented specifically for personal decoration of honorees on the event date or up to seven days prior to the event.
Transportation shutdown:
If you have to postpone the event because a commercial transportation shutdown prevents the honoree, her or his parents, grandparents or children from getting there, you can receive reimbursement for non-recoverable expenses.
How much coverage is needed?
The amount of policy coverage needed to cover your special event is determined by your answers to a few easy questions. Your insurance agent will ask the honoree’s name and contact information; date and type of event; how much you are spending; any additional liability coverages needed including on- site liquor liability coverage; policyholder contact information; ceremony event venue information; and if using an event coordinator, their contact information.
The independent insurance agent can answer any of your questions as you proceed through the application. This way you will know all the particulars of your policy.
Getting this insurance through your personal independent insurance agent will allow you to focus on the party and for your agent to focus on the policy.
The cost:
The cost is relatively low in comparison to the amount of money you are spending on the special event. For example with Travelers, a core coverage premium begins at $160 when spending up to $7500 on an event. This definitely allows you to celebrate with a peace of mind!
What do I do when the worst case scenario actually happens?
First, breathe. Then, if you are panicking at midnight and can’t wait for your independent insurance agent, call the insurance claim center. Most claim centers are open 24 hours a day, 7 days a week, and 365 days of the year because life celebrations never stop! If you breathed your way through the night, call your insurance agent in the morning and they will help you through the claim process.
By buying the Protection Plan for an Event, you are ahead of the disaster! You will be able to make a worst case scenario into a best case scenario success!
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Now you are in the know! Use this information to keep you and yours safe and sound, and to celebrate life with a peace of mind!