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.
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: