Business & Finance
Business and Finance
Business and Finance
Mon, March 7, 2011 Vendor, Venue Problems Most Frequent Causes of Wedding Day Mishaps for Customers
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.
"Protecting the wedding day budget from some common problems gives couples peace of mind on an investment that, on average, costs them $24,000."
aGiven 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,a said Chantal Cyr, Vice President for Travelers Wedding Insurance. aProtecting the wedding day budget from some common problems gives couples peace of mind on an investment that, on average, costs them $24,000.a*
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.
aWith 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,a added Shane McMurray, CEO and founder of The Wedding Report. aChoosing 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.a
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 companya™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
