An increasing number of grooms and brides take out wedding insurance before their big day as the recession has increased the risk of a cancelled event.
“The claims are shooting up through the walls — the DJ goes out of business, the photographer goes out of business, the venue takes your money and is actually in bankruptcy,” Robert Nuccio, president and CEO of R.V. Nuccio & Associates, the program administrator for Fireman’s Fund wedding insurance, tells Tucson Citizen
Specialized insurer WedSafe has seen a 60 percent jump in policy sales since 2007, says Aon Vice President Steven Lauro, and Travelers has also seen steady increases in wedding insurance sales during the same period.
Premiums vary based on the overall cost of a wedding, and many insurance providers allow customers to cover wedding particulars — such as photography, the gown or wedding bands — for additional charges.
Cancellation coverage typically insures these items, and liability insurance, which venues are increasingly requiring couples to carry, protects the hosts against injuries to guests or property damage.
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