PRODUCT: Wedding Protector Plan®
COMPANY: The Travelers Companies, Inc.
BEST RATING: A++ (Superior)
AVAILABILITY: Coverage is available through licensed agents—no appointments necessary.
FOCUS: Travelers has expanded its Wedding Protector Plan® insurance policy to include coverage for fine jewelry.
Typical homeowners insurance policies often include jewelry limits up to about $1,500, but wedding bands are usually worth much more than that—especially when there are two of them.
“We wanted to help make it easier for couples to protect their valuables, so we added the ability for those shopping for wedding insurance to also insure their engagement rings, wedding bands and other fine jewelry,” says Todd Shasha, managing product director of wedding insurance at Travelers.
Through the Wedding Protector Plan, soon-to-be newlyweds can purchase jewelry insurance as a standalone policy to bridge the gap and insure jewelry with values higher than what typical homeowners limits cover.
“There is a synergy between insuring your wedding and protecting your fine jewelry. We feel that couples that are interested in wedding insurance will also be concerned with keeping their valuables safe,” Shasha says. “It just made sense for us to begin offering fine jewelry coverage through protectmywedding.com.”
The enhancement is also great news for agents. “It’s a natural cross-sell opportunity,” Shasha points out. “We want to make it as easy as possible for agents to cross-sell, because we know retention increases with customers who have more than one policy with a carrier.”
COVERAGE DETAILS: The policy provides coverage for jewelry at an agreed amount. In the event of a covered loss, this specialized coverage allows clients to recover the value of an item based on a recent appraisal or bill of sale.
The Wedding Protector Plan from Travelers can cover the major events associated with a wedding, including the rehearsal, rehearsal dinner, ceremony, reception and a post-wedding event. Lost deposits, missing or damaged wedding attire, photos, flowers and more, can also be covered under a policy starting at $160.
UNDERWRITING: For higher-valued items, a recent appraisal may be required.
MINIMUM PREMIUM: Premium is determined at a rate per $100 of insured value. Rates are set at the state level.
TARGET: Engaged couples who are concerned with protecting their wedding and are likely to have recently purchased fine jewelry.
COVERAGE TERRITORY: No territory exclusions.
COVERAGE AVAILABILITY: All U.S. states except AK, HI, LA, WV and WY.
CONTACT: Todd Shasha, managing product director of wedding insurance; Travelers, 300 Windsor St, Hartford, CT 06120; 860-756-1859.
Will Jones is IA assistant editor.