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Financial Failure still top reason to claim

     

While the news may suggest that the UK economy is finally starting to grow, many businesses are still finding the trading environment difficult and, sadly, the wedding industry is no exception.

With this in mind we decided to update the data from a previous story to see if there had been any change in the level of claims made for financial failure on our Dreamsaver wedding insurance policy.

What does the latest data from 2012 show us?

As with previous years' experience, financial failure is still the most common reason for couples to make a claim on their Dreamsaver wedding insurance policy, echoing the sentiments above, that traders in the wedding sector are still finding it difficult. 2012 has had the highest proportion of financial failure claims since 2009, thus taking out a wedding insurance policy to protect you from a supplier going bust could make a lot of sense. Please note: this section of cover only comes into force 14 days after a policy has been purchased.

The second most common reason for couples to claim is cancellation, where, unfortunately, a couple have had to cancel their entire wedding due to one of the insured reasons. While the 2012 figures show a slight decrease over the previous year, at the current time, there will still be some claims to be registered, so this figure may increase to the previous year's level.

There was a jump in the claims for ceremonial attire, which was the third most common reason to claim, mainly due to damage to the wedding dress. It is also worth noting with this section of cover that things such as the dress being the wrong colour or length would be considered as a contractual dispute, which you would need to pursue with the vendor.

When compared to previous years there has been a noticeable drop in the number of rearrangement claims in 2012. Perhaps couples are finding it difficult to find suitable alternatives at short notice and therefore having to cancel their wedding rather than rearrange it. Again, this figure could change as there will still be some claims to be registered.

The other sections of cover within the policy have stayed at similar proportions to previous years. However, the variety of different sections that couple claim under is still as widely spread, showing you can never be too sure what is going to happen when planning an event like a wedding many months in advance.

It is important to note that although this data features the total number of claims received not every claim is valid under the terms of the policy.

Dreamsaver wedding insurance has protected thousands of couples getting married and is available from £25 to give you peace of mind for your wedding or civil partnership. You can buy online for instant cover from www.weddinginsurance.co.uk .

     
Author: Adam
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