Dreamsaver Wedding Insurance and Venues going Bankrupt
Posted in General on 30 December 2011
With the unfortunate news that luxury wedding venue Chewton Place has gone into administration, it is yet another story that highlights how important wedding insurance has become in the current economic climate.
Many couples have handed over deposits to the venue which, according to the Bath Chronicle, the restructuring services partner at Bristol-based Mazars, Tim Ball, is warning couples and families to ‘assume the worst’ and work on the assumption they will not receive any deposits back.
Most wedding insurance policies will cover you for a loss of deposit if a venue goes into administration; however our Dreamsaver wedding insurance policy potentially provides additional cover, under the cancellation and rearrangement section. Under this section you are covered to claim the additional costs, involved in the rearrangement of your wedding if you are unlucky enough to experience your wedding venue going bankrupt or into liquidation.
It is important that you purchase wedding insurance to cover your big day in good time, though because if it is common knowledge that the venue has gone bankrupt or is having financial difficulty this would not be covered by the policy. Dreamsaver wedding insurance can be purchased up to 2 years before the ceremony date, which means you have plenty of time before your big day to get cover. We would recommend that you take out wedding insurance as soon as you pay the deposit for your wedding venue.
Similarly if you pay any additional money to the venue outside of their standard booking conditions this will also not be covered. Companies offering a discount for additional payment upfront, outside of their standard terms can be an indication of the company or venue experiencing financial difficulty.
The Bath Chronicle states that the owners of Chewton Place are in talks to with a potential new operator and that couples who have booked their wedding there should email email@example.com for the latest situation.
Dreamsaver Wedding Insurance is available to buy online from £24 for £6,000 of cancellation cover.