New Product Enhancements Ensure that Unexpected Glitches Don’t Ruin
the ‘Big Day’
HARTFORD, Conn.--(BUSINESS WIRE)--
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®, like coverage for rehearsals, will
provide more protection to help couples avoid the added costs of
unexpected wedding glitches.
“Given that the majority of 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. 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 26 percent
of the claims.
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 spending 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 that take place within 48 hours of the
wedding and perishable materials 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 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 Shane McMurray, CEO and founder of The Wedding
Report. “Choosing the right insurance for your wedding will help to
protect families against unnecessary financial woes caused by the
innumerable things than can go awry during the main event.”
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.
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.
*The
Wedding Report, 1/10/2011
Source: Travelers Companies, Inc.
Contact:
Travelers
Matt Bordonaro
860-277-7014