HARTFORD, Conn.--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) is reminding engaged couples about the threat of severe weather as wedding season ramps up. Today, the company announced that almost one quarter (23 percent) of its 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 Travelers 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)
- Property damage (15 percent)
- Illness or injury (14 percent)
- Military deployment (4 percent)
To help safeguard couples against issues that could hinder their wedding plans, 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.
For more information, visit www.protectmywedding.com.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $29 billion in 2017. For more information, visit www.travelers.com.