Vendor and venue problems top all claims
HARTFORD, Conn.--(BUSINESS WIRE)--Mar. 30, 2012--
Travelers recently analyzed its wedding
insurance claims from 2011 and found that vendor and venue problems
are the most frequent causes of wedding day mishaps for its customers. A
total of 31 percent of all wedding claims by Travelers customers were
the result of problems associated with vendors and venues, the analysis
By conducting this analysis, Travelers is helping couples understand
common wedding day problems so that they may take steps to minimize the
typical risks that could ruin their special day.
“Given that the leading causes of wedding claims continue to be a result
of vendor and venue issues, couples should seriously consider the
financial risks associated with planning a wedding and protect their
investment and budget accordingly,” said Chantal Cyr, Vice President for
Travelers Wedding Insurance.
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. Sickness, injury and mishaps accounted for 19
percent of the wedding insurance claims and catastrophic weather-related
problems accounted for 10 percent. Vandalism and theft represented 13
percent of claims, a new category revealed in the 2011 analysis. Other
problems, such as military duty/deployment, unavoidable cancellation of
weddings and issues with attire accounted for an additional 17 percent
of the claims.
Although the amount that couples spent on weddings in the U.S. decreased
from $26,542 to $25,631 in 2011 according to The
Wedding Report, a research company tracking the wedding industry,
the cost is still a significant investment that should be protected.
“The average price tag of a wedding decreased last year by 3.4 percent,
yet couples actually spent nearly 21 percent more on the reception
location,” said Shane McMurray, CEO and founder of The Wedding Report.
“Wedding insurance has become even more essential for any family looking
to protect itself against vendor and venue mishaps – close to home or
far away – from lost deposits to missing flowers.”
Protector Plan from Travelers includes coverage for rehearsal events
that take place within 48 hours of the wedding for as little as $160. It
also covers items such as lost deposits, perishable materials,
unavoidable cancellation due to weather or military leave, lost or
damaged photographs, damaged gifts, host liability and more.
By visiting protectmywedding.com,
brides- and grooms-to-be can get a quick understanding of 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.
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,
settings. A component of the Dow Jones Industrial Average, Travelers
has more than 30,000 employees and generated revenues of approximately
$25 billion in 2011. For more information, visit www.travelers.com.
Wedding Report, 1/20/2012
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Source: The Travelers Companies, Inc.
The Travelers Companies, Inc.