Travelers Lists Top 5 Wedding Insurance Claims

Almost one quarter (23 percent) of Travelers Companies wedding insurance claims in 2017 were due to severe weather that forced the event to be canceled or postponed. This was the highest percentage of weather-related claims the insurer has seen since it began selling wedding insurance in 2007.

The average wedding costs in excess of $20,000, according to The Wedding Report. For couples planning to get married on the East and Gulf Coasts, the Atlantic hurricane season may bring additional financial risks. With that in mind, Travelers is advising couples to consult with their vendors, wedding planner and insurance provider about alternate plans should severe weather disrupt their event.

“Many couples schedule their wedding in the summer because they think it will be ideal weather, but the risk of extreme storms at this time of year is a real one,” said Todd Shasha, managing director of Personal Insurance, Product Management at Travelers. “Last year was an important reminder that hurricanes and other severe weather can ruin even the most carefully planned weddings.”

Weather was not the only cause of wedding day problems in 2017. The top five reasons for filing a wedding insurance claim last year also included:

• Vendor issues (40 percent of claims)
• Severe weather (23 percent)
• Property damage (15 percent)
• Illness or injury (14 percent)
• Military deployment (4 percent)

Travelers Wedding Protector Plan offers liability insurance and several levels of coverage for the rehearsal dinner, wedding ceremony and reception. The post-wedding brunch can also be covered, which helps mitigate the financial risks that come with holding additional events involving more vendors.

Source: Travelers