Hartford, CT (Vocus) January 6, 2010
The U.S. Court system announced that business bankruptcies overall in the past 12 months totaled 55,021, up 63 percent from the 33,822 filings reported in June 30, 2008, and Chapter 11 (reorganization) filings totaled 13,951, up 91 percent from the 7,293 filings during the 12-month period ending June 30, 2008.
As couples face these staggering statistics the task of planning a wedding and putting down deposits for a future event is extremely unsettling. According to these statistics the odds of a vendor or venue not being around to fulfill a contract and provide the services paid for are alarming. There are also many other circumstances that can jeopardize their wedding investments including rising unemployment. (See claims statistics from Travelers below.)
The Wedding Protector Plan®, a no-deductible wedding insurance policy launched in 2007 underwritten by Travelers, is exactly what it sounds like -- insurance that financially protects a couple against a variety of unexpected mishaps such as:
- a bankrupt venue or vendor (43 percent of claims)
- a key family member who suddenly can't attend the wedding (22 percent of claims)
- a lost ring or damaged dress (19 percent of claims)
- adverse weather (15 percent of claims)
The average cost of a wedding is more than $20,000 and if something unexpected happens, couples could be out thousands of dollars. The majority of recent claims involve vendors and/or venues going bankrupt or simply not showing up the day of the wedding. Now more than ever protecting the investment of planning a wedding is as essential as protecting your car. The Wedding Protector Plan® can be purchased by the bride and groom or it can be purchased as a wedding or shower gift. For about the cost of one guest, wedding insurance can protect their investment. It's peace of mind so they can enjoy their special day.
For more information about The Wedding Protector Plan visit http://www.ProtectMyWedding.com .