August 7, 2014 By Julian Aston Leave a Comment

IN: How To Protect Your Wedding Or Special Event

Dear Valued Customer,

In this issue of “—————————” we focus on how to protect your wedding or special event.

Special event insurance is designed to provide financial protection if you have to cancel or postpone a gathering due to adverse weather and natural disasters such as hurricanes. Most policies also provide coverage for cancellation due to the death, illness or serious injury of a key participant in the event, such as members of the immediate family. Read on to learn more.

We appreciate your continued business and look forward to serving you.

Kind regards,

August 7, 2014 By admin Leave a Comment

Wedding & Special Event Insurance

Often referred to as “wedding” insurance, special event insurance can be used to cover a 50th anniversary party, a bar mitzvah, a graduation party or any special occasion you might be planning. Special event insurance is designed to provide financial protection if you have to cancel or postpone a gathering due to adverse weather and natural disasters such as hurricanes.

Most policies also provide coverage for cancellation due to the death, illness or serious injury of a key participant in the event, such as members of the immediate family. Also, if an officiant, such as a minister or rabbi, or a key vendor, like the caterer, florist or photographer, does not show up, you can recover some of the costs.

Prices range from around $125 up to approximately $400 depending on the amount of coverage you need.

Additional riders may include coverage for:

Military service—in the event the bride or groom is in the military or active reserves, and is suddenly called to duty.
Gowns and tuxedos—includes stores going out of business or damage to the clothing.
Gifts—if gifts are not covered by your homeowners or renters insurance, provides protection against theft or damage of gifts.
Honeymoon—in case you need to cancel your trip due to illness, bad weather or other circumstances.
Professional counseling—when the cancellation or postponement of the event causes severe emotional stress (a doctor’s note will be needed).

Many companies also offer separate liability insurance, but be aware that many event sites already have their own liability insurance. If you are holding the event at home, however, you may want to purchase liability insurance above and beyond what is provided under your homeowners policy.

Before purchasing special event or wedding insurance, find out the following:

Whether the insurance company is licensed to do business in the state where you live. This information is available from your State Insurance Department.
How much the policy will cost and how much reimbursement you can expect if a loss occurs.
What, specifically, is and is not covered by the policy.
Whether you have coverage elsewhere through credit cards, warrantees or through home, auto or liability or other insurance policies you may already have.

Source: Insurance Information Institute, “Wedding and Special Event Insurance” http://www.iii.org website. Accessed November 24, 2015. http://www.iii.org/article/wedding-and-special-event-insurance

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

June 2, 2014 By admin Leave a Comment

Floaters & Endorsements: Special Coverage For Valuables

A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism.

However, there are special limits of liability for certain items, meaning that the insurer will not pay more than the amount specified in the policy. One important limit is for the theft of jewelry. To keep coverage affordable because jewelry can be easily stolen, the standard policy has a relatively low limit of liability for theft, generally $1,500.

If you own valuable jewelry or other items that would be difficult to replace, there are two ways you can increase coverage: by raising the limit of liability or “scheduling” your individual pieces through the purchase of “floater” policies. Raising the limit of liability is the cheapest option; however, there may be a limit on the amount you can claim for the loss of any individual piece, say $2,000, when the overall limit is $5,000.

Scheduling each piece or item may cost more in premiums, but it offers broader protection because the floater covers losses of any type, including accidental losses—such as dropping your ring down the drain of the kitchen sink or leaving an expensive watch in a hotel room—that your homeowners insurance policy will not cover. Before purchasing a floater, the items covered must be professionally appraised. The cost of this service varies depending on where you live.

Source: Insurance Information Institute, “Floaters and Endorsements: Special Coverage for Valuables” iihs.org website. Accessed November 24, 2015. http://www.iii.org/individuals/homei/hbs/floater/

June 2, 2014 By admin Leave a Comment

Five Tips To Help Protect Your Jewelry

The first thing you should think about after buying a piece of jewelry is to make sure it’s insured against loss, damage, or theft. Here are five tips to help you protect your investment:

Check with your insurance agency to find out whether expensive jewelry is covered under your existing policy — they may only cover it up to a certain amount and not the entire replacement cost.
Have your jewelry inspected on a regular basis. This can prevent loss of loose stones, faulty clasps and worn prongs. You can update your appraisal at the same time.
Don’t make it easy for burglars and others in your home to find your jewelry. Protect your jewelry and other precious possessions by securing it in a safe or a hiding place in your home. Consider storing barely worn jewelry in a bank safe deposit box.
Take a home inventory to help get your insurance claim settled faster and more accurately.
Insure your jewelry to assure that you can replace it if it is lost, stolen, or damaged.