Love may be priceless, but unfortunately getting married can be very expensive. If you have recently become engaged or currently planning the wedding of your dreams, you should see if wedding insurance is right for you.

Wedding insurance is a form of special event insurance designed to provide financial protection if you have to cancel or postpone a wedding because of death or serious injury in the immediate family, the bride or groom is called to military duty, a natural disaster such as a hurricane or earthquake occurs on your special day or other insured disaster. One thing that is generally not covered, however, is change of heart.

Depending on the policy or level of protection you select, there may be the following coverages:

• Reimbursement of non-refundable deposits due to circumstances outside your control such as a death in the immediate family
• Damage to the wedding dress or other special wedding attire
• Theft of wedding gifts
• Expenses incurred to reassemble the wedding party to retake photographs because of damaged or destroyed film or videotape
• Professional counseling if the cancellation or postponement of the wedding causes severe emotional stress (A doctor’s note will be needed)

How can you keep a collision from becoming a financial disaster?

Consumer Reports Money Adviser Laura Washington says be aware, the state insurance requirements may leave you vulnerable. "If you own your own home, or if you have assets, they could be at risk if you're underinsured."

So what's sufficient auto insurance coverage for homeowners? For both bodily-injury and uninsured motorist coverage, you should be covered for $250,000 per person and $500,000 per accident.

Washington says, "It'll raise your premiums about ten, ten percent, but it's clearly worth it if it could, if it means saving your home."

And the Consumer Reports Money Adviser says another area where people are often underinsured is property-damage coverage. "States typically recommend between $10,000 and $25,000 worth of coverage. But we recommend $100,000 worth of coverage, just in case you hit a really expensive car.""

Soaring malpractice insurance premiums are discouraging many doctors from specializing in obstetrics and gynecology and also affecting where obstetricians are offering their services, a new study finds.

High insurance costs may eventually lead to a shortage of obstetricians, the researchers warn.

"The high cost of malpractice premiums is beginning to lead providers to drop or reduce obstetrical services. Our study presented evidence that high malpractice premiums affect where new obstetricians are locating and it may affect the supply in the future," senior author Dr. Scott B. Ransom said in a prepared statement.

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Potential areas with looming obstetric-care shortages include states with the highest malpractice premiums such as Florida, Nevada, Michigan and New York, as well as the District of Columbia, the study found.

In 2004, Florida's average malpractice premium was $195,000, compared to about $17,000 in Oklahoma, one of the lowest-premium states."

A reader found this on the Internet, so it must be true. A man in Charlotte, North Carolina, bought a box of very expensive cigars which he insured against fire. Having smoked them, he filed a claim, saying they had been lost “in a series of small fires.” The insurance company balked, the case went to court, and the judge ruled in the man’s favor, noting that the company did not specify what is an “unacceptable fire.” The company was required to pay the fellow $15,000, but then had him arrested on twenty-four counts of arson. He was convicted and sentenced to twenty-four months in jail and a fine of $24,000. If true, it is a sobering tale, confirming me in the wisdom of smoking cigars that are inexpensive and uninsured.

Of course it's just an urban legend!

via Professor Bainbridge.

Non-renewals by insurance companies is a trend that's affecting homeowners far beyond the hurricane belt. A 2003 study by the Independent Insurance Agents & Brokers of America (IIABA) revealed that nearly 2.5 million Americans had lost their coverage during the previous two years.

Non-renewals follow two scenarios: The first involves homes in danger zones, such as flood plains or storm paths. Homeowners may lose their coverage whether they have made claims or not.

The second involves policyholders who file too many claims, the so-called "use it and lose it" phenomenon.

"It has been a very strange development," says Doug Heller, a spokesman for the Foundation for Taxpayer & Consumer Rights. "Consumers are being threatened with non-renewal for filing legitimate claims.""

Tips On Avoiding Non-Renewals:

• Be cautious filing smaller claims. If your loss exceeds your deductible by less than $200, consider paying out-of-pocket.
• Stick with one company: Companies may give long-term customers the benefit of the doubt and overlook minor blemishes on their records.
• Bundle coverage. If you have auto and life coverage with your home insurer, they may not want to jeopardize that business by cancelling your homeowners policy.
• Maintain your house. Upgrades of security systems, plumbing, and electricity, making sure the roof and gutters still function well, and trimming tall trees of dead branches can keep your house safer. Some upgrades even qualify for a premium discount.

Insurance is not a word usually associated with the power and glory of Hollywood - at least not to outsiders. To insiders, especially those involved in the behind-the-scenes decisions of who will be the stars and what movies will be made, it connotes a sine qua non reality of the entertainment universe. After all, once the media dressing is stripped away, what is the New Hollywood about other than minimizing risk? The stars are no exception to this rule. Sure, it may help a career to have talent, a well-connected agency, and a hot media image, but unless an actor can get insurance, he or she can't play a part in a major movie.

To begin with, movies that receive outside financing from banks or other sources - which nowadays are most movies - need a completion bond. This bond guarantees the financiers that they will be repaid the entire cost of the production (including script development, finance charges, and bank interest) if for any reason a movie loses one of its "essential elements." These elements, which often include the star and the director, are defined by the guarantor that sells the bond. In the case of Terminator 3, the producers bought a completion bond from International Film Guarantors for $2.54 million that named Arnold Schwarzenegger as an essential element. If Schwarzenegger had been disabled during shooting or had abandoned the film for any reason, IFG would have repaid the bonded cost, which was $181.6 million."

Basically, three types of insurance are available to protect your business: property, liability and workers' compensation. Workers' compensation insurance is required by law in all 50 states. Although property and liability insurance are not always mandatory, it makes sense to protect all of your company assets with property and liability insurance.

Business owner's policies (BOPs) are insurance packages that provide both property and liability coverage at one affordable premium. These packaged policies are available to most small and medium-size companies and can be a good alternative to purchasing separate policies for liability and property insurance.

Read more.

Understanding boat insurance can be confusing. But the smart boater can make the right insurance choice with these "Top Five Tips for Buying Boat Insurance" from BoatU.S., the nation's largest recreational boat owners association:

• Know thy insurer: Boat insurance can be "added on" to a homeowner's policy or purchased from an independent insurance agent or directly from a marine insurance specialist.
• Agreed Value vs. Actual Cash Value: These are the two main choices for boat insurance and depreciation is what sets them apart.
• Know the salvage truth: If the worst happens and your boat needs to be salvaged, you want to ensure that your policy covers salvage costs up to 100% of your boat's insured value.
• Speak to me in a language I understand: Don't treat boat insurance like other insurance. Make sure you understand exactly what is covered as well as what isn't covered.
• One size doesn't fit all: A bass boater may need fishing gear and tournament coverage as well as "cruising extensions" if they trailer their boat far from home. If you're in the hurricane belt, hurricane haul-out coverage makes the decision to safely store your boat ashore that much easier as a storm approaches....A good insurer will tailor your coverage to fit your needs, so there will be no surprises if the unexpected happens.

It turns out that rich people need life insurance more than you and I.

I was chatting with my insurance agent this afternoon and he told me about a client that is worth probably $80 million. This person is taking out a life insurance policy worth probably $40 million.

One might wonder why someone with that kind of net worth would take out a life insurance policy worth that much money. This individual is taking the policy out to pay inheritance taxes. Life insurance proceeds to heirs are not taxed.

By taking out this insurance policy, this fellow gives his heirs the money to pay their inheritance taxes. That way they can keep the other assets that will be bequeathed to them.

Read more.

Did you know in a standard homeowners policy, coverage limits for jewelry, furs, watches, and related items is only $1,000 combined? These and other limits are in place to encourage homeowners to buy additional coverage for valuable and hard to replace items.

Additional coverage can be purchased through a Personal Articles Form or other additional applicable policy.

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Examples of Items That May Have Limited Coverage Under Your Homeowners Policy:

• Money
• Valuable Papers and Securities
• Boats
• Trailers
• Business Use Property
• Silverware
• Firearms
• Jewelry (including furs, watches, and related items)

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

Auto insurance provides property, liability and medical coverage:

• Property coverage pays for damage to or theft of your car.
• Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
• Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.