Credit crisis makes wedding insurance an essential

by Gill Montia

Story link: Credit crisis makes wedding insurance an essential

While the importance of trade credit insurance has been in the business news, a firm that specialises in travel and wedding insurance is alerting couples planning their nuptials to the need for similar cover.

According to Voyager, the credit crisis is ruining an increasing number of weddings because firms involved in creating the big day are going bust.

The intermediary is also warning that some wedding insurance policies do not cover last minute cancellations resulting from the financial failure of venue operators or caterers.

Deposits can therefore be lost and even where cover does exist, policy small print might demand that a supplier has actually been declared insolvent and ceased trading, not merely been put into administration.

Voyager director, Jonathan Buttery, is aware of a “growing concern” amongst engaged couples over the possibility a key wedding supplier going bust.

He recommends buying insurance cover before putting down deposits, explaining: “There is no statutory regulation for bonding or other protection of customers’ money in this area despite the fact that the deposits and pre-payments can be several thousands of pounds.”

Voyager has been trading since 1996 and was acquired by the Somerville group in September 2007, when it employed only eight staff.

Last year the firm acquired CH Facilities, which specialises in providing insurance to travellers with complex medical histories.

The move added £1.3 million to Voyager’s existing £12 million gross written premiums.