Lifting the veil on wedding ceremony insurance coverage

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Couples need to be diligent when it comes to keeping their finances safe. Wedding insurance has been around for decades, but interest in the product has increased recently.

Kassy Westervelt, Senior Product Analyst at Travelers, said now is a prime opportunity for agents and brokers to talk to clients about wedding insurance policies.

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Travelers has seen record-breaking sales with its Wedding Protector Plan, up 25% from pre-pandemic numbers.

“Not only are we attracting inquiries from consumers, there have been many contacts from agents who have never written this product before,” she said. “We’ve been seeing the product everywhere since the pandemic impacted all of our lives.”

Westervelt explained that along with the growing popularity of wedding policies, agents are also looking at the impact cancellations could have on the entire wedding supply chain.

“Weddings definitely impact a variety of industries ranging from food to clothing and more, which is why customers are doing their due diligence to protect against scenarios that are beyond their control,” she noted.

The pandemic has seen many vendors go out of business due to last-minute bankruptcies, adding to the stress of couples planning their big day.

“The worst-case scenario happens, and this is a way to refund deposits and deposits,” she said. “As our results over the last few years show, providers account for almost 41% of claims.

“In some states, we offer up to half a million dollars of coverage for more lavish events,” Westervelt added.

A thorough understanding of what is covered is key for agents and brokers engaging in this area. What are the exclusions? Is “change of mind” covered? What happens if a vendor goes out of business or doesn’t show up?

For new agents, this feel-good segment of the insurance marketplace also offers opportunities to grow business in the future, as newlyweds may also be looking for new homes, cars, and pets. Working with clients throughout the wedding planning process promotes long-term relationships for agents and brokers.

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“It’s a non-renewable, one-time product, but there are other great opportunities to transition to other personal lines,” Westervelt pointed out. “When investing in large assets, insurance agents can step in and build their customer network.”

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