Wedding Season is Coming Up! Is Your Big Day Protected?
By Ashley Western, ACSR, MSM RMI
The Largest global television audience on record, the Royal Wedding this week was a joyous occasion, perfectly planned & executed. While most brides hope their wedding is as perfect, they certainly don't all have a royal budget! Here is an inexpensive way to protect your investment in the big day.
NEWS RELEASE
Travelers Study: Vendor, venue problems most frequent causes of wedding day mishaps for customers
New product enhancements ensure that unexpected glitches don’t ruin the ‘Big Day’
HARTFORD, Conn., March 7, 2011 - For the third consecutive year, vendor and venue problems remain the most frequent causes of wedding day mishaps for couples, according to an analysis of 2010 wedding insurance claims by Travelers (NYSE: TRV).
A total of 47 percent of all wedding claims by Travelers customers were the result of problems associated with vendors and venues, the analysis reveals. At the same time, new enhancements to the Travelers Wedding Protector Plan® will provide added protection to help couples avoid the added costs of unexpected wedding day glitches.
“Given that the majority of total wedding claims continue to be a result of vendor and venue issues, couples should seriously consider the risks associated with planning a wedding and protect their investment and budget accordingly,” said Chantal Cyr, Vice President for Travelers Wedding Insurance. “Protecting the wedding day budget from some common problems gives couples peace of mind on an investment that, on average, costs them $24,000.”
The most common vendor and venue related problems include the facility or vendor going out of business, flowers and photos not being delivered and DJs not showing up or playing to an agreed upon time. Weather-related problems causing venues to close accounted for 13 percent of wedding insurance claims; issues with wedding attire, such as alteration problems, generated 14 percent of claims; and other problems, such as lost table linens, sickness, untimely death and travel delays accounted for an additional 22 percent of the claims.
Despite these common issues, the amount couples spent on weddings in the U.S. increased by 23 percent in 2010 according to The Wedding Report, a research company tracking the wedding industry.
As couples are investing more on their wedding Travelers is making improvements to the no-deductible Wedding Protector Plan®. Wedding insurance from Travelers now includes coverage for rehearsal events scheduled within 48 hours of the wedding, perishable materials that could go bad and a growing list of covered extreme weather events all for as little as $160. The Wedding Protector Plan® also covers items such as lost deposits, unavoidable cancellation due to weather or military leave, lost or damaged photographs, damaged gifts, host liability concerns and more.
“With the average cost of weddings in the U.S. on the rise, couples will likely be investing more of their savings to make their day as special as possible,” added to Shane McMurray, CEO and founder of The Wedding Report. “Choosing the right insurance for your wedding will help avoid the innumerable things than can go awry during the main event - a practical solution that can protect families from unpleasant situations and unnecessary financial woes.”
By visiting protectmywedding.com brides-and-grooms-to-be can get a quick understanding for the coverage and limits they need to protect their wedding budget. To learn more about wedding insurance, including the costs and buying online or through an independent agent, visit www.protectmywedding.com.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company’s diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $25 billion in 2010. For more information, visit www.travelers.com.
