Wedding Insurance Question

KetteringLad

Hi,
Our wedding venue has just gone into administration.  They've verbally told me "The company has no cash in the bank so we won't be able to refund your deposit (about £6k) but the company has a lot of assets so hopefully you'll be able to get your money back when the firm responsible for the administration has sold them."
We have taken out wedding insurance which hopefully means we are covered for this, but....
My question is, are the wedding insurance company going to be able to refuse to payout until the administrator has given everyone their 'x' pennies in the pound and then payout the difference, or will the insurance company pay out and then them themselves chase the administrators to recoup anything they can?
I ask here because already the insurance company is dragging it's heals and looking at reviews on TrustPilot, they aren't very good at paying out claims!

NB - no, we didn't pay be credit or debit card, the booking was done online via bank transfer.  Also, we need the money ASAP as we are re-booking for the same date (this year) and need to pay a new venue!

Any help or advice would be really appreciated, just so when the inevitable showdown with the insurer comes, hopefully I'm pre-armed with the information I need to get my money back!

Thanks in advance,
KL

Pollycat

KetteringLad said:

Hi,
Our wedding venue has just gone into administration.  They've verbally told me "The company has no cash in the bank so we won't be able to refund your deposit (about £6k) but the company has a lot of assets so hopefully you'll be able to get your money back when the firm responsible for the administration has sold them."
We have taken out wedding insurance which hopefully means we are covered for this, but....
My question is, are the wedding insurance company going to be able to refuse to payout until the administrator has given everyone their 'x' pennies in the pound and then payout the difference, or will the insurance company pay out and then them themselves chase the administrators to recoup anything they can?
I ask here because already the insurance company is dragging it's heals and looking at reviews on TrustPilot, they aren't very good at paying out claims!

NB - no, we didn't pay be credit or debit card, the booking was done online via bank transfer.  Also, we need the money ASAP as we are re-booking for the same date (this year) and need to pay a new venue!

Any help or advice would be really appreciated, just so when the inevitable showdown with the insurer comes, hopefully I'm pre-armed with the information I need to get my money back!

Thanks in advance,
KL

You need to read your policy to find out exactly what you are covered for.

Are you covered if one of your suppliers goes into administration?

Where exactly are you in the claim process?

What are the insurance company saying to make you say they are dragging their heels?

If they are a specialist wedding insurer, I suspect they will be pretty busy sorting out all the claims for cancelled weddings over the last year.

Re your insurer dealing with your wedding venue:

If you have to cancel a holiday because of illness, does the insurance company try to recover what they have or will pay out from whichever company is responsible for that illness?

If you have to claim on your insurance because your home is flooded because of a faulty washing machine, does the insurance company get the money they pay you from Hotpoint or Beko?

I didn't think insurance worked like you seem to think it does - but I may be wrong.

But first you need to know if you are covered or not.