Detroit, Michigan ( journaltag) July 8, 2021 – MFE Insurance, a Los Angeles special event insurance broker, recently created a blog explaining why your special event needs cancellation insurance. After spending so much time, money, and energy planning a major event, cancellation insurance can protect your investment if you need to cancel it and give you the resources you need to reschedule if necessary.
Event cancellation insurance is used to cover expenses related to the unexpected cancellation of an event, such as a wedding, bar mitzvah, or other large party, due to circumstances outside of your control. This can include adverse weather, a death in the family, or the failure of a vendor to provide promised services. The policy will reimburse you up to a certain amount, or limit, based on the total cost of the event. This type of insurance is ideal for people who are planning weddings, conferences, concerts, and other major events that would be difficult to pay for again.
When you purchase event cancellation insurance, you purchase the ability to be reimbursed for various expenses. These include the cost of photos if a photographer does not show up or damages your images before delivery, as well as special attire, gifts, or jewelry directly related to the event, such as a wedding dress. If you have to postpone or cancel an event due to military deployment for an immediate family member or event participant, insurance may help cover lost fees. It can even cover professional counseling if the event’s delay causes you significant distress. Other coverage includes damage to leased or rented venues and compensation for guest speakers who would have appeared at the event.
Cancellation insurance only covers private events for policyholders who are U.S. residents, and coverage may not be available if your guest list is too large. You may not be able to buy insurance based on where your event is held or how far in advance it is scheduled. For help choosing and purchasing an insurance policy, contact MFE Insurance. The special events insurance agency can tell you which policies will cover your event and assist you in purchasing any other policies that may be helpful in protecting your investment. MFE Insurance can be contacted at (213) 266-7990 or online at https://www.mfeinsurance.com/. The brokerage is headquartered in Los Angeles and serves clients across the country.