Vendor Issues Leading Cause of Wedding Insurance Claims

Recently I attended a destination wedding of a very good friend in Key West, Florida. The weather was perfect and the bride was beautiful. Later, another attendee confided in me that the airline had lost the bride’s wedding gown just a few days before. I was shocked, knowing full well bridal attire is expensive, not to mention sentimental and a critical part of the entire wedding! Thankfully, the bride protected her special day by purchasing a wedding insurance policy. Not only did her wedding insurance reimburse her for her replacement bridal gown, it gave her peace of mind during her entire planning process.

A wedding insurance policy protects a couple’s investment from circumstances beyond their control and reimburses expenses and financial losses due to wedding disasters. It can cover lost rings, call to military duty, lost deposits, liquor liability, sudden illness or accident, and damaged gifts.
Still not sold? What about this scenario: Heather and James spent over a year planning their winter wonderland wedding, but on the wedding day their reception site was completely inaccessible due to a blizzard. With the right wedding insurance policy, Heather and James postponed their wedding and received every penny they spend (less the deductible) – including money for cake, catering, nonrefundable deposits for musicians, florists, and other vendors. They even were reimbursed for invites!

When should you get wedding insurance? The sooner the better, as soon as you start making deposits. Let’s say you put a deposit on your wedding reception hall ten months prior to your wedding date and then the venue burns to the ground a few weeks before the big day. With wedding insurance, you’ll be sure to get your deposit back.

Recently released data from the Travelers Company, Inc. study looking into which type of wedding insurance claims were filed between 2011 and 2015 shows vendor issues as the leading cause for claims. A vendor issue could be a photographer’s film turning out to be defective, the photos going missing, or maybe they fail to show up all together. Or, the reception venue goes out of business and can no longer host your event, or the florist declares bankruptcy and you lose your deposit.

Here’s the whole breakdown:
•30% vendor issues
•29% illness or injury
•16% weather issues
•10% military deployment
•7% other
•6% property damage
•2% attire

Wedding insurance is an optional part of your big day, but if you’re one of those people who like to be better safe than sorry, it may be worth the peace of mind. A basic insurance policy costs between $155-$550, depending on the amount of coverage you want. Get a instant free quote here or call one of our knowledgeable agents to discuss how you can protect your wedding.