Monday, August 26, 2013

Let's Call the Whole Thing Off

No couple ever expects that when they start planning their wedding that they may break up and not make it down the aisle together, but it happens. As a planner, I’ve gone through it a few times now, and I will tell you it does not get any easier. The financial loss is as great as the emotional loss, and it affects everyone involved, not just the couple, but also the vendors whom they’ve contracted, and everyone wants to mitigate their losses.

That's why there's wedding insurance, right? Well, no.

Most insurance companies do not cover "cold feet". Several years ago, Fireman’s Fund’s Change of Heart Wedding Insurance created quite a buzz within the industry, but couples seeking to buy this insurance quickly learned that they could not, and qualified family members or friends found it was a loser's bet. It still is.

That is why contracts are so important, and I've blogged about this before. When you sign a contract for your wedding, or any event, it is a commitment and there are risks that if the unthinkable happens and you have to cancel, you will lose a great deal of money. Therefore, you should negotiate a sliding scale cancellation clause and feel very comfortable with the estimate of the loss, BEFORE you sign the contract, because the chances of resale for a wedding vendor, other than a venue, are slim to none.

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