Agents: Cupid Catastrophes Coverage Increases

Agents: Cupid Catastrophes Coverage Increases

By Daniel Hays

NU Online News Service, Feb. 13, 11:33 a.m. EST?More and more couples who head for the altar on Valentines Day or other less popular dates are preserving their wedding peace of mind with help from insurers, agents and brokers say.

No one is currently underwriting the risk of a broken prenuptial agreement or a bride with cold feet, but the number of lovebirds seeking indemnity against a catastrophe that halts their celebration plans is on the rise, industry professionals said.

No hard figures were available, but based on anecdotal evidence these sources believe this is the case.

"Wedding insurance has definitely been on the rise in recent years," said Maura Clancy, chairman of the Independent Insurance Agents and Brokers Association of New York.

Ms. Clancy said she thought the increase was attributable in part to catering halls which are recommending the coverage to their clients.

The policies generally provide coverage against earthquake, hurricane, accident, illness, death, injury or other items beyond the parties' control, such as a labor interruption or fire.

Illness, death and injury provisions generally cover the couple themselves, their parents and grandparents, said Ms. Clancy, who also mentioned loss or damage to a bridal gown and job loss as potential coverages.

"Change of heart" and terrorism are not covered, she said.

Tom Wilson, a specialty broker with the managing general agency WKF&C Agency Inc. in Melville, N.Y., said the coverage generally costs from one-to-three percent of the limit of liability. Thus, the cost for insuring a $10,000 wedding might be $300.

The advice of catering venues is helping to push wedding coverage sales as well as the fact that "weddings right now are out of control for the pricing," said Mr. Wilson. In addition, he said that with an increase in the number of couples who wait to marry, the bridal population is one that's "older and wiser" and more inclined to seek protection.

Mr. Wilson's operation provides the coverage through excess and surplus lines writer Indian Harbor, part of the group with non-admitted Bermuda-based XL. He said Chubb Custom and Lloyd's underwriters also handle wedding risks.

For a catastrophe of the heart, such a prospective groom finding the bride with another man, Mr. Wilson said there is no help. However, were the groom to decide he was crazy to get married, there might be help. "Mental illness? If it's proven, he's going to be covered."