With Valentine’s Day approaching – a day when many couples choose to get engaged – The Travelers Cos. today offered sobering data based on its experience with wedding-insurance claims.
More than 40 percent of all Travelers’ wedding claims filed during the past two years involved unforeseen problems with vendors and venues, some of which went bankrupt in the worsening economy, according to Travelers, which has major operations in Hartford.
Travelers’ data revealed that 43 percent of the claims it fielded stemmed from problems with caterers, photographers, wedding planners and other vendors. In some cases, vendors failed to show up on day of the wedding. In other instances, venues went out of business or experienced some other financial setback.
“What this indicates is that some wedding vendors and venues are facing many of the same financial challenges as other businesses,” said Alan Tuvin, vice president of product management for Travelers. “The reality is that no one entity is immune to the issues with today’s economy.”
