It’s a good idea to purchase a policy as soon as you begin paying venue or vendor deposits. Caterers, photographers and other vendors usually require a significant non-refundable deposit up front, with the remainder due by the day of your wedding. Cancellation insurance can be purchased up to 2 years prior the wedding. Most people purchase Cancellation insurance as soon as they start to put down deposits since that is when you have money at risk. Both cancellation and liability insurance can be bought up to 24 hours before the wedding or special event.