Wedding Insurance Articles

Things to Do

Bangkok – Visit the magnificent Grand Palace, built in 1782 and featuring an emerald Buddha, the Temple of the Reclining Buddha which measures more than 150foot in length. Other attractions incluce Jim Thompson’s house in Siam square, a remarkable example of traditional Thai residential architecture and home to some of the finest examples of southeast Asian art.

Thai Markets – Thailand is renowned for its markets. From Chatuchak weekend market with 15,000 stalls and 200,000 visitors daily, to the amazing Suan Lum Night Bazaar market, you can find beautiful and authentic Thai craftwork, excellent value clothing and delicious local food.

Best seen in the early morning, there are also many floating markets. The most popular and well known is Damnoen Saduak Floating Market. Others include Amphawa, Taling Chan, Sai Nai Floating Market, Khu Wiang and Bang Nam Pheung.

At any market, be prepared to haggle, and beware anything that seems too good to be true – it probably is! Avoid touts and stores that offer cheap suits or jewellery. Taxi drivers and tour guides often receive commission for taking tourists to certain shops. Instead, ask your hotel to recommend reputable shops.

Southern islands – Phuket is a large island, known for the devastation it suffered due to the 2004 tsunami. It has fully recovered and is more vibrant than ever. While Patong Beach is a tourist trap full of small hotels, clubs (of various types), restaurants and shops, there are many quiet areas.

Koh Samui celebrates the Thai New Year (13 April) in style, and is home to the Ko Samui music festival in September and October. It boasts several luxury resorts, beaches, golf courses and spas.

Chiang Mai Province offers a huge variety of activities, from visits to an elephant farm and rock climbing to Thai cookery lessons and spas.

Other places to visit include: Pattaya, Koh Tao, Ko Lanta, Kanchanaburi, Chiang Rai and Patong.

Insurance

When travelling abroad, you should always take out some form of honeymoon or travel insurance before you go. Policies can offer cover against delay or cancellation, lost baggage and importantly medical costs should you fall ill whilst abroad.

Places to Stay

The most popular destinations in Thailand are Ayutthaya, Pattaya, Bangkok, Phuket, Krabi, Chiang Mai, and Ko Samui. Bangkok is Thailand’s capital city of over 6 million people, and is Thailand’s main tourist attraction. Food ranges from street vendors through to fine cuisine.

Ranging from ultra-luxurious to simple and cheap, from beach resorts to bustling city hotels, there is something in Thailand to suit any honeymooning couple.

We all know the old joke about the best man forgetting or losing the rings at the point in the ceremony where the officiating priest, vicar or whoever asks for them, only to be met by panic stricken searching of the trouser pockets, inside jacket pockets and just about everywhere else! Unfortunately, the loss of wedding rings, whilst not stated in the recent top ten claims by insurance companies, is still right up there and relatively common. More to the point is the stress caused by this particular loss, so it is understandable that one of the first questions considered by wedding planners when looking at wedding insurance policies is “are the wedding rings covered?”

Regarding wedding rings, the most common practice is for them to be covered by your wedding insurance policy shortly before and after the wedding day. However, most insurers will tell you that it is far more sensible to have them included in your household contents policy. Be aware, that rings with a high value will almost certainly have to be insured as a separate item within the household contents policy and will attract an additional premium.

Engagement rings

An area of confusion arises where people get mixed up with wedding rings and engagement rings. Your engagement ring is not covered by wedding insurance; however, it can be covered by your household contents policy. Again, you should check with your insurer whether it is covered under the general sum insured or if it has a high value, whether it needs to be included as a separate item on the policy.

Of course, when you buy your ring, you will often be offered standalone insurance that will cover it for loss, damage and theft. It’s worth taking a look at the price of this as it could be cheaper than insuring it elsewhere.

I had it a minute ago…

Believe it or not, one of the most common claims for wedding rings is due to the new owner taking them off and leaving them somewhere, often the toilet or rest areas after the ceremony. This may sound ridiculous, but statistics have shown that newlyweds are not used to wearing their ring and often will take it off when washing their hands, then they forget about it because they are not used to having it on their hand. More often than not, the ring will disappear and not be found or returned.

Getting married is a stressful time and the last thing you need is to have everyone searching for your ring that you have mislaid. If you are a best man, we suggest that you put it in your inside jacket pocket the night before and make sure that you continually remind yourself where it is. No more rummaging about for it when the time comes for you to hand it over!

Numerous weddings are potentially about to be cancelled as a result of the sudden closure of Chewton Place.

The venue, a Georgian Mansion located near Keynsham, Bristol, closed its doors on 19th December after the company that ran it, Aspire Venues Ltd, went into administration.

Tim Ball, partner at the insolvency practitioners instructed to place Aspire Venues into administration has warned couples to “assume the worst” and that it’s unlikely they will be getting any deposits back.

He said in a statement:

“The closure of this insolvent business is very distressing for all concerned and a number of members of the public are affected by the cancellation of future wedding and event bookings and will be receiving letters very shortly.”

“We of course have a great deal of sympathy for those affected by these understandably very stressful circumstances.”

Mr Ball went on to advise those that have placed deposits to contact their insurers or credit card companies to determine if they would be able recover any financial losses that way.

Wedding Insurance

Those with wedding insurance should be able to claim for any lost deposit and possibly any additional costs they might incur as a result of finding a new venue, potentially at short notice. Couples that hadn’t taken out insurance might be able to reclaim any losses from their credit card company (if they paid for the deposit using their card and it was over £100) under Section 75 of the Consumer Credit Act although they wouldn’t be able to claim for any additional costs.

Sadly in these uncertain economic times, venues or suppliers going out of business are an all too common occurrence. In fact, four of the current top ten claims on a wedding insurance policy are related to supplier bankruptcy.

Situations such as these are a clear reminder of why couples should take out a wedding insurance policy early on in the wedding planning process. With premiums starting from under £20, it’s not really much of an additional expense either.

Update – 16th January 2012

This morning, thisisbath.co.uk is reporting the great news that Bath Racecourse has generously offered affected couples the use of its 300 capacity marquee free of charge. The racecourse is located close to the three wedding venues that went out of business.

I remember my early days as an insurance underwriter mainly for the multitude of people offering me advice. Most were platitudes, but there were some pearls of wisdom that I carried with me until the day I retired. One in particular was always at the forefront of my mind especially when I started looking at, and writing about wedding insurance. The advice was basically to think about the very worst and most ridiculous things that could happen to instigate a claim, double it and make that your starting point to assess the risk! That may sound a bit daft, but it saved my bacon many times throughout my career.

One of the most enlightening things was to look at previous claims and see if you could see any sort of theme running through them. I recently uncovered some remarkable events associated with weddings and wedding insurance, like the couple who had to cancel their wedding TEN times! Yes, then times for various reasons, too many to write here, but reported by the Daily Mail newspaper. They were obviously extremely unlucky, but even one of their cancellation could have cost them a fortune had they not had the foresight to take out wedding insurance beforehand. Although I bet their insurers did not feel the same was in the end!

Another case highlights not only the tenuous nature of the services and other wedding items that you often have to pay for in advance.

The bride in question went to pick up her wedding dress two days before the wedding day. She had paid in full for the dress. When she got to the shop, it had closed down. Not only had it closed down, but the owner had taken all the stock and her wedding dress as well. She had to go out and buy a dress ‘off the peg’ so to speak, costing her hundreds of pounds extra. Later, her father tracked down the shop owner, who had opened up again elsewhere and had the cheek to have the dress in the window. Because the business was in administration, it was felt that she had little chance of recovering the dress. Eventually her father did manage to get the dress back, but it was now after the event and there is little chance of them recovering the £1,200 it cost.

Getting even sillier, we have the case of the bride who, the night before the wedding, hung the dress too close to a light fitting and it was badly scorched, too late to do anything about it, although their insurance did pay for it to be repaired later. In another odd case, a marquee was ‘broken into’ and the heaters were stolen and the cake knocked over; again, insurance paid for replacements heaters and re-icing the cake. Finally, and the funniest I think, was the case where the groom took what he thought were empty boxes to the tip, only to find that the rings, shoes and some attire were still in them!

Now that is why you need wedding insurance!

See our comparison table for a range of policies from a number of UK wedding insurance providers.

Honeymoons to the USA cater for all tastes and budgets, offering a glittering array of luxury hotels, romantic getaways and unique charm where ever you choose to stay.

Things to do

Where shall I start? How about ten short suggestions for honeymooning couples, as a taste of what the USA has to offer:

Hawaii – exotic, tropical beaches and luxury resorts

New York City – culture, famous landmarks and incredible sightseeing opportunities

Niagara Falls (US side – Buffalo) – take a trip on the Maid of the Mist boat to see the incredible waterfalls – what a dramatic backdrop to your honeymoon photographs!

Florida – boasting 1800 miles of warm coastline, honeymooners can have a land and sea adventures ranging from diving in the coral reefs to rustic trails. Oh, and there’s Disneyland too if you get bored.

California – Art and culture, beaches and nightlife – California offers it all. Major attractions include Yosemite national park, Hollywood and Laguna beach.

Las Vegas – See the Bellagio fountains choreograph dancing water to music, and of course, everything from penny slot machines to private casinos.

Texas – packed with romantic getaways, the Texas Gulf Coast is ideal for honeymooners. On the upper coast, visit Galveston if you love opera and theatre. Stay in Corpus Christi on the middle coast to see world class ballet, and the southern city of South Padres island is home to beautiful beaches and a semi tropical climate all year round.

Washington – Arts, culture and heritage within the city, with beaches, rivers, lakes, rainforests, gorges and mountains to explore.

Gulf Coast – ample opportunities for everything from fly fishing to golf, beautiful beaches to island exploration.

New Jersey – Divided into six regions, honeymooners can expect to choose from seaside towns, historic lighthouses, Victorian charm, opulent casinos or gourmet restaurants. Don’t forget to visit the Statue of Liberty for a great photo opportunity!

Honeymoon Insurance

When travelling abroad, you should really make sure that you have adequate honeymoon or travel insurance. In the EU, your EHIC may cover you for some medical expenses but that doesn’t apply in the US – even more reason to make sure you’re adequately insured.

Single trip policies can cost as little as around just £10 with multi-trip annual policies costing less than £50. It really does make sense doesn’t it!

It sounds like every wedding planner’s nightmare. Of course they are all separate events at different weddings, but we have headlined them because they are common claims made against wedding insurance policies as reported by leading insurers in their latest statistics.

If you have ever watched those ‘bloopers’ programmes on television you will understand the nature of these events. They are unforeseen, extreme and usually catastrophic in their consequences. So, how does that square with weddings and wedding insurance? Well, we all know that insurance is there to protect us from the unforeseen, the extreme and the catastrophic. Unfortunately, the nature of the people planning weddings is such that the last thing on their minds when they are planning a wedding is what happens if it all goes wrong. What is more unfortunate is that it is exactly that which they should be protecting from day one. The best time to take out wedding insurance is when you first start planning and paying deposits.

So, what unforeseen events are we talking about? Insurance companies have recently released the most comprehensive statistics yet about wedding insurance and wedding insurance claims. There are some startling cases, which when you consider them in the cold light of day, they are not as daft as they first sound.

Ruined Dresses

Let us take, for example, the case of the lady who wanted the confetti to be made from real rose petals. What a wonderful and unique idea you may think. Unfortunately, the rose petals seriously stained the wedding dress to the extent that it was virtually ruined! Another bride-to-be tripped and fell whilst doing her nails. Not so bad you may think, except that she was wearing her dress for a rehearsal at the time. The nail varnish permanently damaged the family heirloom!

Deleted Photographs

These days, photographers tend to use digital photography. That is all well and good if they remember to make a backup copy of their photographs. Because of the way digital data is stored on discs or chips, it is easy for them to be lost or damaged. There was a recorded case of a photographer attending two weddings, one in the morning and the other in the afternoon. He somehow forgot to remove the disc from the first wedding and the photographs were overwritten by the second wedding! There was no way of recovering them and the bride and groom wanted to sue for the loss, but before they could, he went into liquidation!

Lost Rings

The old joke about the best man losing the rings is not as daft as it sounds. The best man in question attended the rehearsal and put the rings safely in his inside pocket. Unfortunately, the suits were changed and he exchanged his suit forgetting that the rings were left in the inside pocket. They were never found!

It is human nature to make mistakes that is why we have insurance to protect us against the unforeseen, the extreme and the catastrophic. Our comparison table lists a range of policies from a number of UK insurers and with premiums starting from around just £20, it would be silly not to take out cover.

An engagement ring is an instantly recognisable gift symbolising love, devotion, lifetime commitment and a romantic promise of marriage. So, how much should you spend on an engagement ring? Should you be waving goodbye to up to three month’s salary, or searching for a supermarket bargain?

It was not until after the war in 1947 that any particular price expectation was defined – DeBeers tried to boost diamond sales with the slogan ‘diamonds are forever’ and by suggesting that the equivalent of one month’s income should be spent on the engagement ring. This multiple later increased to two months’ income – in fact there are now many sources which suggest an expectation of up to three times the monthly income!

Of course, in today’s economic climate, this is simply not possible for many people. Remember also that buying the engagement ring is probably the first cost of many wedding related expenses, as most couples foot the wedding bill themselves these days. Ultimately, the amount you spend is up to you, and has to be decided on your own personal circumstances.

The symbol of love, devotion and commitment is the most important thing – it matters much less whether you save up 3 month’s income for a glittering rock, or you don’t spend a penny and use a family heirloom (like Prince William!).

Where to spend?

The best places to find good value jewellery is in the large city jewellery specialists, such as the Birmingham Jewellery quarter or London’s Hatton Gardens. By all means, buy from reputable online dealers but do bear in mind that some diamonds are bought from countries whose governments invest the profits in a less than ethical manner, so consider carefully the sourcing of your diamond.

Don’t give in to pressurised sales pitches and special offers – decide on a budget first and stick to it. Avoid impulse purchases, instead compare prices and don’t be afraid to haggle.

But if I spend more, I will be making a good investment for the future?

The original base value of any ring is marked up – often at least 100% plus VAT – to cover the shop’s décor, staff, heating, insurance, rent and so on. In addition to this, your investment has annual ownership costs such as insurance as well as annual maintenance required under the guarantee terms and conditions.

This means that even a high quality engagement ring may take decades to be considered as even a reasonable investment in true financial terms. The theory that a diamond ring is an investment seems to stem from the wartime era, as a last resort, the engagement ring could be pawned (for much less than it was worth).

Save or borrow?

If you know you are going to propose, then start saving now! Work out how much you can afford to put by each month, look at how long you have and hey presto, there is your budget. Historically, saving for the ring proved to the bride-to-be’s family that their potential son in law could save for their future home.

For those with good financial control and a good credit rating, when you have saved enough make your purchase using a credit card that offers cash back (and pay off the balance in full before any interest is accrued). Another benefit of buying using a credit card is that you automatically get consumer protection in case the company you are buying your ring from goes bust.

If you take out credit to buy your engagement ring without saving first, make sure you can afford the repayments, that you choose a card with a low APR and that you pay it back as fast as possible. An engagement ring should not saddle you with a lifetime of debt!

Insure your ring

Given that the average UK salary for 2011 is £26,200, three month’s take home salary would be in the region of £5,000! Even if you spend one month’s salary or less, you will undoubtedly want to insure your ring. Many home insurance policies will cover this, but check that your ring does not exceed the value for items taken out of the home, or that you do not have to separately insure jewellery items. You can also find specific engagement ring insurance. Whichever route you take, it is advisable to take photographs of the ring, its valuation certificate and receipt. Keep the documents in a fire proof box in your home and the photographs somewhere safe away from home.

But I still don’t know how much to spend?

It is true, no one wants to be seen as skimping on an engagement ring. The industry knows this, and plays up to it when encouraging people to spend more than their budget. Don’t get sucked in by the marketing hype – expensive does not necessarily mean that it is more beautiful. Which do you think your bride-to-be will be more interested in – a sparkling diamond that costs more than you can afford, or your romantic proposal to spend the rest of your lives together?

While a month’s salary is a useful rule of thumb, it is more important to stick within a budget that you can afford. The Beatles were quite right – “I don’t care too much for money… because money can’t buy me love”!

Diamonds are forever – how to know if you are getting good value

The most popular engagement ring is a diamond solitaire. If you plan to buy one, make sure you understand the basics of diamond ratings so you get the most value from your hard earned cash.

Cut: The most common shape is the round cut, but others include the emerald, the pear, the marquise, the princess, the oval and the heart shape. The quality of cut determines the brilliance and sparkle of the finished stone.

Colour: The most valuable and rare colour is white (colourless). Jewellers grade absolutely colourless diamonds with a “D”. Anything up to a “J” is considered colourless to the naked eye. Diamonds with a very strong and distinct colour are extremely rare and are called fancies.

Clarity: Also known as “nature’s fingerprints”, diamond inclusions look like small clouds or feathers but are usually invisible to the naked eye. The best rating is IF (internally flawless), the worst I3 (imperfect 3). As long as the stone is graded SI1 (Slightly Included 1) or better the clarity of the diamond is considered fine.

Carat: The average size of most engagement-ring diamonds is somewhere between one carat and half a carat –i.e. 100-200mgm. (Do not confuse carats with karats, the unit of purity for gold).

Choose carefully

Of course, if you are buying the ring before the proposal, you need to be fairly confident of your bride-to-be’s personal tastes and ring size. Make sure you check with the shop that an exchange is possible, the time-scale you must do this in, and that there is a fairly wide range of alternative styles to choose from within your budget. much depth as you are able to ensure you get the best value, regardless of budget.

A brief history

Although betrothal gifts date back as far as Roman times, it was not until the 20th century that the diamond engagement ring became commonplace. Indeed, before the end of the 19th century, the bride-to-be sometimes received a sewing thimble as a promise of marriage!

References:

Guardian
Wikipedia
ThisIsMoney.co.uk
WeddingChaos

With over 150 island to choose from, the Seychelles are home to the Vallée de Mai, claimed by some to be the original site of the Garden of Eden. Nicknamed the ‘islands of love’, honeymooners can enjoy sailing, diving, fishing and relaxing on pristine sandy beaches. The Seychellois people are a cosmopolitan blend of peoples of different races, cultures and religions, combining their distinct traditions and customs to create the vibrant island culture.

Things to do:

The island of Mahé boasts 65 silver beaches, with the small capital Victoria containing a remarkably large variety of restaurants, cafés, bars and casinos. Diners can experience authentic Creole as well as international cuisine. The Seychelles are home to UNESCO-designated sites, coral atoll Aldabra and Vallée de Mai, called the Garden of Eden.

Relaxing on the beach

Seychelles is famous for having some of the best beaches in the world, pristine and uncrowded. Various excursions will introduce you to the pleasures of glass-bottom boating, to marvel at the coral reefs and colourful fish. A choice of water sports is also available, ranging from deep sea diving sites to surfing the waves.

Island-hopping

Sixteen islands currently offer accommodation, and there are many opportunities to island hop between them. Travelling around the islands, you can discover national monuments, beautiful Creole houses, artists’ studios, national reserves and marine parks.

Natural Beauty

With almost half of the Seychelles landmass set aside as national parks and reserves, honeymooners can see animals ranging from the smallest frog to the heaviest land tortoise, all within the exceptional natural beauty of the islands.

As if that isn’t enough, the islands of the Seychelles also provide opportunities for activities such as golf, horse-riding and guided nature tours where visitors may enjoy some of the rarest species of flora and fauna in the world. As there are so many islands, it is impossible to list all of the possibilities offered by the amazing Seychelles. More detailed information is available here:

Places to stay

Mahé, Praslin and La Digue are the most popular islands. The 16 islands that have tourist accommodation range hugely to suit all tastes and budgets, ranging from sumptuous 5-star resorts to rustic island lodges to cosy beachside bungalows.

As idyllic as the Seychelles may be, sadly things can go wrong whilst you’re on honeymoon and you should really make sure you have adequate insurance before you travel. Honeymoon (travel) insurance as a minimum and if you’re getting married abroad too, you should really also have wedding insurance. Policies are generally very reasonable and given the vast sums of money being spent on both your wedding and your honeymoon, it really makes sense to make sure you’re properly insured.

It is considered a truism that romance rarely bothers about finance. Maybe that is why even with today’s access to all things media, there are still three quarters of weddings going ahead without any form of wedding insurance protection. With the majority of weddings now being planned by the prospective bride and groom as a opposed to their parents who would have taken on that job years ago, the financial burden and with it the associated risks, are now being undertaken by them. Coupled with the fact from recently released statistics that show that the average cost of a traditional wedding is still hovering around £15,000 makes the impact of disaster even more profound. As an ex-insurance underwriter, I spent the majority of my working life using statistics and probability to assess risks. That is how insurance was underwritten then and it has not changed a whole lot since. People planning a large financial investment like a wedding should look at the probability of some kind of failure and the consequences of that failure. That is how risks are assessed and the relevant levels of insurance are then taken.

The unfortunate part about weddings is in the opening sentence of this article! Call it rose-tinted glasses or what you will, but people engrossed in making wedding plans are less likely to want to consider the consequences of something going wrong. This is because of the remoteness of the event at that stage and the unlikely nature of the possible disasters. With all that in mind, let’s take a look at a case study from an insurance claim file just to show what can and does happen in real life.

The engaged couple had been saving for over two years and had accumulated a large sum of £18,000. Whilst this may seem a large amount, they both had big families, so had to have a venue that could accommodate them all, hence the costs. The venue alone had cost them £9,000 to rent for the duration of their reception.

Shortly before the wedding day, there was a fire that had started in the kitchens of the venue. It quickly spread to the rest of the building and by the time it had been put out, the roof had collapsed rendering it unsafe. It was therefore demolished with a view to rebuilding on the same plot. The couple, both of whom worked in finance related industries, had taken out wedding insurance, which paid for the loss of the deposits and towards the extra cost of as last minute venue that could accommodate them. Needless to say, that would have been impossible had they not had insurance.

The total cost of their wedding insurance policy was around £200, which might sound like a lot, but bearing in mind the overall costs of the wedding at around £18,000, it looked like a bargain after the event.

Critics will claim that wedding insurance is frivolous and it is true that quite often, your existing insurance will cover a lot of the things associated with a wedding. We have also mentioned in an earlier article about credit card Section 75 cover. However, none of these would have saved the couple above from a catastrophic loss, so hardly a frivolous expense in their case!

Take a look at our wedding insurance comparison table to see a range of policies that are on offer from a number of insurance providers.

Despite a general trend of decline in recent years, figures released by the Office for National Statistics (ONS) show an increase in divorces in the UK for the first time since 2003.

In 2010, ONS figures show that there were 119,589 divorces in England and Wales, an increase of 5% from 2009.

With around 230,000 marriages in England and Wales in 2010, this figure represents more than 50 percent of the number of weddings in the same period.

Some commentators speculate that the tough economic climate and recession in 2008 and 2009 put a financial strain on many relationships with many couples arguing about money and worrying about job prospects.

With many unable to afford to separate, we’re perhaps only now beginning to see a rise in the number of divorces that are a consequence of the tough global economy.

Insurance?

Whilst wedding insurance can cover you against unforeseen financial issues with your wedding, it doesn’t extend to ‘cold feet’ on the day or problems after you get married.

Perhaps surprisingly, a number of companies in the UK have sprung up offering some form of insurance against divorce. Following the trend across the Atlantic and even suggested by Ministers last year, divorce insurance can help to cover the legal costs of an expensive divorce.

It’s pretty unheard of at the moment, but if the divorce rate continues to rise and the Government scraps legal aid for divorce lawyers (as they’ve suggested they may do), we may well see sales of divorce insurance increase too.