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In Good Times and in Bad, Travelers Protects Wedding Investment
HARTFORD, Conn.-(Business Wire)-February 13, 2008 - It is estimated that nearly 230,000(a) couples will get engaged on Valentine's Day and although that sparkling rock may be flawless, there's potential that the special day won't be. To help protect the investments that go into planning the "big day" Travelers (NYSE: TRV) offers the Wedding Protector Plan(SM), an insurance policy covering weddings.
Once the question's been popped and the ring's been given, booking the banquet facility, buying the dress, selecting photographers and finalizing all the other details are soon to follow. Considering the carefully planned parts of the celebration cost more than $20,000(b) on average, an unexpected mishap could further raise it.
"Do you own anything worth $20,000 that you do not have insured?" asks Alan Tuvin, vice president of product management for Travelers. "The Wedding Protector Plan makes financial sense by protecting a couple's wedding budget."
The no-deductible Wedding Protector Plan helps couples stick to their wedding budget by covering some of the costs should something unexpected happen such as the banquet hall going out of business, the wedding dress getting torn or the photographer not showing up. Without planning for extra, unforeseen costs, the event itself could be placed in jeopardy. Yet for as little as $160, some of these unforeseen events can be covered and one's special day can be protected.
Many future brides and grooms are most concerned with problems as a result of the weather such as a hurricane or Nor'easter. In addition to cancellations or postponements caused by severe weather, the Wedding Protector Plan covers more frequent claims such as damage to the wedding attire.
"A recent claim involved the bride's dress getting torn on the latch of a trunk," said Tuvin. "The Wedding Protector Plan reimbursed the bride for the repair of the dress and enabled the bride to wear the gown of her dreams without an impact to her wedding's budget."
Other examples of coverage from the Wedding Protector Plan include lost deposits, host liability coverage, gift breakage, lost or damaged photographs and unavoidable cancellation or postponement for withdrawal of military leave. At www.ProtectMyWedding.com, couples can complete a Risk Quiz to help determine how much risk surrounds their wedding, plus find examples of available coverages and premiums.
The Wedding Protector Plan can also cover destination weddings in the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Bermuda, Bahamas, Turks and Caicos, the Caribbean Islands (excluding Cuba and Haiti) and cruise ships leaving from a port within those territories (some restrictions apply).
The Wedding Protector Plan must be purchased at least 14 days in advance of the wedding, but it can be purchased up to two years in advance, subject to state availability. For more information on how to protect a wedding, contact a Travelers independent insurance agent or visit www.ProtectMyWedding.com. Coverage is subject to the provisions, exclusions and conditions of the actual policy. For a complete description of coverages, exclusions and conditions, read the Wedding Protector Plan policy.
About Travelers
Travelers understands that life and business are inherently dynamic and that the best way to serve agents, brokers and policyholders is to deliver insurance that evolves to stay in-synch with life and business as they change. For more information on being in-synch, visit www.travelers.com.
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company's diverse business lines offer its global customers a wide range of coverage in both the personal and commercial settings, including automobile, homeowners, construction, small business, oil and gas, ocean marine, surety and management liability, global technology and public sector services. Travelers is a Fortune 100 company, with 2007 revenues of $26 billion and total assets of $115 billion. The company has approximately 33,000 employees.
(a) Diamond Information Center
(b) Conde Nast Bridal Media - American Wedding Study, 2006
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