Company Expands Coverage to Include Brunch Held the Day After the
Wedding
HARTFORD, Conn.--(BUSINESS WIRE)--
The Travelers Companies, Inc. (NYSE: TRV)
has announced the findings of its recent analysis of wedding insurance
claims from 2011–2015, which identified that problems with vendors
amounted to 30 percent of claim payments for all of the wedding claims.
Wedding venues going bankrupt, photographers failing to deliver the
photos as promised and DJs not showing up for the reception were among
the vendor-related issues. Other top causes of claims included illness
or injury of the bride, groom or immediate family member, disruptive
weather and military deployment.
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Travelers Wedding Claims 2011-2015 (Graphic: Travelers)
Travelers also announced it is expanding its wedding
insurance coverage to now include brunch taking place the day after
the wedding. Doing so will help couples manage additional financial
risks that come with holding another event potentially involving more
vendors. This new coverage is currently available in 18 states.
“Hosting a brunch the day after the wedding has become more popular, and
we believe expanding the wedding coverage will help couples protect
their entire wedding budget, especially considering that when problems
arise, they typically involve vendors,” said Todd Shasha, Managing
Director, Personal Insurance Product Management at Travelers. “By
carefully researching vendors, making contingency plans for unexpected
issues and considering wedding insurance, couples can have peace of mind
and focus on their special day.”
Travelers’ analysis of wedding
insurance claims also shows that:
-
Of the vendor-related claim payments, almost 64 percent involved venue
problems where the wedding and/or reception was to be hosted. Those
facilities typically closed unexpectedly or could no longer
accommodate the wedding as promised.
-
Illness and injury resulting in cancellation accounted for 29 percent
of the total payments for wedding claims.
-
Weather claim payments have steadily decreased since peaking in 2012,
when significant storms affected popular wedding dates and locations
throughout the United States.
Wedding insurance from Travelers can cover the major events associated
with a wedding, including the rehearsal, rehearsal dinner, ceremony,
reception and now, the post-wedding brunch. Lost deposits, rings,
special attire like tuxedoes and dresses, photos, videos and more can
also be covered under a policy starting at $160. Contact your
independent insurance agent or go to www.protectmywedding.com
for more information.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
home
and business.
A component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of approximately
$27 billion in 2015. For more information, visit www.travelers.com.
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The Travelers Companies, Inc.
Sperry Mylott, 860-277-5075
smylott@travelers.com
Source: The Travelers Companies, Inc.