Top Wedding Insurance Claims of 2011

Anyone who has tied the knot recently knows that the cost of weddings is sky-high. According to The Wedding Report, the total average wedding spending for 2011 was $25,631. That’s a lot of money to invest into an event where so much can go wrong, from flowers not being delivered and DJs not showing up to sickness and catastrophic weather-related events causing cancellations.

Travelers—which offers wedding insurance to cover items such as lost deposits, perishable materials, unavoidable cancellation, lost or damaged photographs, damaged gifts, host liability and more—recently analyzed its wedding insurance claims from 2011 and revealed the top claims.

Click “next” to see what were the top wedding insurance claims in 2011 for Travelers.

Unavoidable cancellations: 4%

Sometimes a wedding cancellation is unavoidable—take, for example, the infamous “Runaway Bride” from a few years back. A case of wedding jitters caused Jennifer Wilbanks to disappear four days before her wedding, which was to be a “lavish” affair attended by approximately 600 guests. Cancelling the venue, catering and flowers alone can cost well into thousands of dollars in deposits and lost business.

Military deployment: 5%

Military deployment cannot be delayed for a wedding. However, a wedding can be delayed—or even canceled—for military deployment.

Attire: 8%

“We had a bride who purchased her dress and the bridal shop went out of business before she was able to pick it up,” says Gary Griffin, of Travelers. “Since she had wedding insurance, she was able to get a dress of like kind and quality without ruining her wedding budget.”

Weather: 10%

Weather can have an adverse effect on weddings: rain can put a damper on an outdoor wedding, a snowstorm can cause icy conditions and make a venue inaccessible and hurricanes and tornadoes can create catastrophic  damage in an area.

Vandalism/Theft: 13%

Guest made a getaway with your gifts? Wedding theft and vandalism made up 13 percent of wedding insurance claims filed to Travelers in 2011. Coverage can help compensate for those irreplaceable items that are ruined or go missing on your big day.

Sickness/Injury/Mishaps: 19%

According to Travelers, 19 percent of claims were related to key family members such as parents or grandparents being unable to attend a wedding at the last minute due to sickness, untimely death and travel delays.

Vendor/Venue: 31%

The most common vendor- and venue-related problems include flowers and photos not being delivered, DJs not showing up and the facility or vendor going out of business.

“One of our customers booked a venue that flooded and they were unable to have their reception at the location,” says Griffin. “Because the wedding insurance was purchased more than 14 days prior to the event, the coverage helped them recover lost deposits from the flooded location and extra expenses from booking a new facility at the last minute.”

Page 1 of 8

Resource Center

View All »

Complimentary Case Study: Helping achieve your financial goals By:...

Find out how a Special Investigation Union used TLOxp to save the company money and...

Do Your Clients Hold The Right CDL License?

Learn about the various classes of CDL Licenses and the industries that are impacted by...

Integrated Content & Communications: A Key Business Issue For Insurers

Insurers are renewing their focus on top line growth, and many are learning that growth...

High Risk Insurance Coverage in the E&S Market

Experts discuss market conditions, trends and projected growth in a rapidly changing niche.

Top E-Signature Security Requirements

This white paper covers the most important security features to look for when evaluating e-signatures...

EPLI Programs Crafted Just For Your Clients

Bring us your restaurant clients, associations and other groups and we’ll help you win more...

Is It Time To Step Up And Own An Agency?

Download this eBook for insight on how to determine if owning an agency is right...

Claims - The Good The Bad And The Ugly

Fraudulent claims cost the industry and the public thousands of dollars in losses. This article...

Leveraging BI for Improved Claims Performance and Results

If claims organizations do not avail themselves of the latest business intelligence (BI) tools, they...

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Advertisement. Closing in 15 seconds.