Reception venue

Knottie1460930530

Is it normal to sign a life insurance policy with your venue and if something happens to either one of us they are the beneficiary?

charlotte989875

Knottie1460930530 said:

Is it normal to sign a life insurance policy with your venue and if something happens to either one of us they are the beneficiary?

I can't say that I've ever heard of this; liability insurance sure, but never life insurance. Why would you do this? It's agreeing to pay a business if either one of you dies. Did they explain why in the world they would ask for this?

Sounds odd at best and pretty shady at worst. I'd start looking for a different venue. There is no way I'd make someone other than my H (or my parents before we were married) the beneficiary or my policy. 

glasgowtolondon

I've never heard of this either, and I'd have a huge problem with it. Were there any other venues on your shortlist? Why not give them a call and explore your other options.

Eta: OP, have you already signed these docs?

downtondiva

I have never, ever heard of this, and quite honestly, I think it sounds suspicious. 

I suggest you start looking for another venue immediately. 

climbingsingle

What?? They are the beneficiary for what? I've never heard of this. Find another venue. 

JediElizabeth

That's creepy. 

They should have a cancellation clause in their contract, which would presumably be used in case of death (mine is that deposits are forfeited in case we cancel, and we still owe 60% of the entire bill if we cancel within 90 days of the event - to cover staff but not food/drink costs). If both people died, they couldn't collect that 60% unless they were rigorous about perusing their estates, but that's where most places cut their losses. 

Life insurance though? I'm not even sure that's legal, depending on the state you're in. (It generally has to meet a vested interest in your life threshold, from what my non-lawyer brain understands.) It's definitely not normal. 

(Edited for grammar after my coffee.)

[Deleted User]

Never heard of that. I've heard of wedding insurance that covers the cost of your wedding should something happen and the wedding doesn't take place, but not a life insurance policy. I would go to a different venue.

Knottie1460930530

I think i worded it wrong it says we have to have a certificate of insurance of one million dollars naming them as beneficiaries. It is required certificate of insurance 72 hours before the wedding. We have not signed yet because of this  clause. We will call them about this.

LondonLisa

Knottie1460930530 said:

I think i worded it wrong it says we have to have a certificate of insurance of one million dollars naming them as beneficiaries. It is required certificate of insurance 72 hours before the wedding. We have not signed yet because of this  clause. We will call them about this.

Ok, this is VERY different than life insurance! This is likely insurance that if your vendors ruin something (such as a DJ uses the wrong plug and starts a fire, or your photographer trips and rips a painting off the wall), this insurance covers it. Some small vendors don't have their own venue insurance, so if the venue goes after the photographer for damages, they can just go bankrupt and lose liability. This certificate is to protect the venue. Ask your venue if each vendor has their own liability insurance do you still need to purchase overall insurance.

banana468

This sounds like liability insurance where they want to be sure that if you or your vendors destroy something the venue gets paid.  

I'd still talk to them about the policy because what is your protection if THEY screw up? 

madamerwin

Knottie1460930530 said:

I think i worded it wrong it says we have to have a certificate of insurance of one million dollars naming them as beneficiaries. It is required certificate of insurance 72 hours before the wedding. We have not signed yet because of this  clause. We will call them about this.

Yeah, that doesn't sound like life insurance - it's liability insurance, which is very standard for most venues. We had to have a certificate of liability that covered the venue, in the event that a guest or vendor caused damage, in the amount of $500k, I believe. They also required the proof of insurance 72 hours before the event. We also had to get liquor liability insurance in order to serve alcohol; this prevented the venue from being held liable if a guest consumed too much alcohol, left, and got in a drunk driving accident. Or got too drunk and fell off the balcony. All of it cost us somewhere in the neighborhood of $175

Definitely call them to be sure, but I would be very suspicious if they required a life insurance policy. 

MaggieF1990

Some of the smaller venues we looked at required us to provide liability insurance as well. The one we went with is a museum that holds events often, so they had their own. From what I remember, it wasn't outrageously expensive...I think $1-200 for the $1 million policy.

Jen4948

It would be reasonable for you to be required to have liability insurance for the venue, but not a life insurance policy. That would be weird and creepy.

If you have a homeowner's insurance policy, it might cover this, so I'd check that out before you take out another policy.