Can you name a Bride’s biggest fear?
Giant spiders? Bridesmaids behaving badly? The wisteria dresses not matching the lavender linens? It’s much worse than all of the above combined!
A Bride’s biggest fear (or at least it should be) is their wedding vendors closing their doors and taking the bride’s money with them before the big day. Sadly, it happens more frequently than one might expect.
In recent news, various wedding vendors have closed with no notice and no refunds to brides who paid part or all of their down payments or account balances. These business went from taking payments one day to being unreachable and shut down the next. Many brides were left with little time and little money to find another vendor before their wedding day. No bride deserves this and it is better to be financially protected in case the worst should occur.
A quick Google search pulls up many horror stories of venues closed, bridal shops closed, bakeries closed … the list goes on. Unfortunately, in these cases, the brides are left with little recourse to recover their money.
So how is a bride-to-be to protect herself?
1. Pay all your vendors with credit cards (your debit card run as a credit card). Credit card companies offer quite a bit of protection and the ability to get your money back in these types of situations. This is way easier and cheaper than going to court and trying to get money out of a bankrupt business. If a business does not take credit cards, this should be a red flag. Many companies offer a discount for cash or check payment (mine included) but should be willing to take credit cards.
2. A newer, specialized product on the market is Wedding Insurance (i.e. Wedding Protection Plan from Travelers). For example, a plan that covers a $5000 loss would have cost $615 and provided up to $100,000 in coverage. Of course there are lots of limitations as with any insurance products, but with plans starting at $160 that cover a wide range of potential problems, it is well worth the investment.
The policies cover a variety of wedding-related subjects, including the bride’s dress and groom’s tux if lost or damaged, lost deposits if a business declares bankruptcy, goes out of business or fails to show up, lost or damaged wedding rings, postponement of the wedding due to transportation shutdowns, being called up to military duty, sudden illness or severe weather, damaged gifts, etc.
Many venues are now requiring a liability policy to cover in case a guest hurts themselves or causes property damage. Since weddings usually include the serving of alcohol, purchasing liability coverage to protect against alcohol related occurrences is also a smart move.
If you want more information on how this policy or others can help you, Wild Rose Events highly recommends Ray Mullen of KRM Insurance.
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