that really sucks..... great information in the article Stephanie. Thanks for the info!!
Bride Loses $17k Jilted By Hudson Valley Wedding Location
Written by Stephanie Padovani Monday, 29 March 2010 10:27
Bride Loses $17,000 When Hudson Valley Wedding Location Goes Bankrupt
Jennifer Daddio of Queens was thrilled to book her wedding at the Monteverde in Oldstone Manor, NY. The 1760 restaurant and inn boasts 29 acres with magnificent views of 
the Hudson River, the perfect spot for an unforgettable Hudson Valley wedding. It seemed her dream wedding was about to come true. Until...
The bride learned that the Monteverde's owners had filed for bankruptcy...only 8 days after she had signed a contract for a wedding hosting 200 guests...and after she had plunked down a deposit quoted as $9,600-$17,000 (depending on which newspaper you read.)
This spunky bride, who also happens to be an attorney, is suing for damages. You can read more about her wedding nightmare here.
Will she succeed? Not likely.
When a business declares bankruptcy, you become an "unsecured creditor." In short, you're SOL and any deposit you've paid is lost. If the company has any recoverable assets, you'll be standing behind a long line of creditors waiting for their share of the leftovers.
How can you prevent this from happening to you?
Check Reputations Before You Book
First, let me put this out there--in almost 10 years working in the wedding business only ONE of our weddings was forced to cancel because the location went bankrupt. The chances of this happening to you are pretty slim.
However, make sure you thoroughly check your venue's references. Check for complaints with the Better Business Bureau and do a Google search for reviews. If your location has a long-standing reputation of excellence in the area, this is a very good sign.
Read Your Contract
Before you sign that contract, make sure you read and understand every bit of it...even the fine print.
Ask what happens if the venue is unable to fulfill its commitments. Is your deposit refundable? Under what conditions?
Make sure you feel comfortable with the terms of the agreement before you make it official.
Consider Wedding Insurance
If the possibility of being stood up by your wedding venue is already giving you nightmares, wedding insurance might be just the Valium you need to ease those anxieties.
You can purchase wedding insurance to cover event cancellation due to weather, illness or bankruptcy by any vendor and it even covers loss of deposits.
I found comprehensive wedding insurance policies available through WedSafe. Event cancellation coverage on a $25,000 New York wedding with an additional $1 million in liability coverage costs $349. Not too bad for peace of mind.
If you do buy wedding insurance, make sure you read the fine print and understand exactly what is covered and what is not, as well as any required deductibles before payment. And check with the BBB regarding the insurance company's reputation.
Today's lesson in wedding drama prevention: check references, read your contracts and minimize your risk. Then ditch the stress and get back to having fun planning your wedding!
(Jeez. I'm beginning to think I missed my calling as an insurance rep!)
