How Not to Lose Your Deposit to Your Wedding Supplier

How many suppliers does it take to stage a wedding? Sounds like a joke, doesn't it? Well it isn't when you start to add up just how many different professionals you're going to have to hire and pay for to have the wedding of your dreams. Suppliers are a central feature of the wedding planning process - and they have the power to create some major headaches. Today in the UK, the average wedding will involve 4-6 suppliers, all working towards the big day. That's according to Dave Simms, the head of wedding insurance for specialist insurer Ecclesiastical, who's been working with brides and grooms for over 10 years. Chief among these suppliers is usually the wedding venue - a hotel, stately home or perhaps a ship - but in addition there are the caterers, the florist, the wedding vehicles, the photographer (who may or may not also be the video cameraperson); not forgetting the dressmaker, the outfitter for the wedding party and the entertainment. That's quite a list. No surprise, then, that some brides talk about 'project managing' their wedding because when you've got this many suppliers to juggle, a project is what it becomes. "Choosing and hiring suppliers is an important time for most couples in their wedding planning because it's the time you have to start spending money," says Dave Simms. "And as soon as you start paying deposits, you're exposing yourself to financial risk. The more suppliers you have, the greater the risk that something could go wrong." The price of disappointment? Deposits are, of course, a key part of dealing with suppliers and often have to be paid many months in advance. With the average deposit running into the region of 10% or 20% of the total price, that can mean coughing up £600 for catering and £200 for the wedding dress well in advance of your wedding. The prices for a wedding venue will come in anywhere between £50 for the village hall up to £20,000 for a romantic castle, which means you could be looking at a deposit of up to £2,000. That's a lot of money to part with so early in the wedding process. But here's the real kicker: once you've paid your deposit, if that supplier hits the business buffers, you're in trouble. When suppliers go into liquidation, they often take your deposit with them. Wave goodbye to your deposit When any business goes into liquidation, customer deposits are frozen and may never be refunded. There's a strict process by which the assets of a failed business are paid out, with employees taking precedence. Customer deposits are a long way down the list so the £1,000 you paid for your hotel booking may be lost forever or only partly repaid. Anyway you look at it, a failed wedding supplier is going to be bad news for you and your big day. Picking up the pieces Once you've recovered from the news that your caterer or venue has gone out of business, the next question is: what are we going to do about it? If you're close to your wedding date, time to find a replacement is going to be short. And what about money for another deposit? If the failed supplier has kept your original payment, you're going to have to dig deep to find more funds - and quickly. Wedding insurance is a huge help at this stage of the proceedings. With wedding insurance, lost deposits will be reimbursed promptly, thus allowing you to get on with booking your replacement florist or jazz band as quickly as possible. Insuring against disaster Suppliers should be something to smile about: they're here to make your wedding day a wonderful experience for all concerned - particularly the bride and groom. So make your choices carefully and, if possible check for recommendations and speak to other couples who've used them. Taking out wedding insurance can also give you the protection you need against supplier failure and stop them wiping the smile from your face - which is going to be pretty important for your wedding pictures.