PHOENIX -
DSFCU's CUSO, Desert Schools Financial Services, said its "Wedding Protector Plan" covers cancellation or postponement, additional expenses, lost deposits, photos and video, gifts, and special attire.
According to the Travelers Indemnity Co., which underwrites the policy, weddings now have an average price tag of $27,000. A sizeable investment can be lost, however, if a bridal dress shop suddenly closes or bad weather causes the wedding to be postponed, for example.
"This is a product that makes a lot of sense," said Jason Meyers, public relations manager for the credit union, said. "My wife and I recently attended an outdoor wedding that was completely ruined by a passing dust storm. Everything was torn to shreds just 30 minutes before the ceremony. It was heartbreaking because you just never know what can happen."
Meyers said that for couples looking to start their marriage off on the right foot, a Wedding Protector Plan can ensure peace of mind.
"We only insure the wedding...not the marriage," he added.
Desert Schools Financial Services has been looking for ways to expand its menu of products, and with wedding insurance a growing trend nationally, Meyers said it was a natural. Another factor working in the favor of DSFS and its new product: the Phoenix/Scottsdale market does a large number of weddings.
"The area does a lot of tourism, and we have a lot of resorts and facilities that are expanding their wedding facilities and services," Meyers said. "And, there is a big wedding expo here every year."
According to Meyers, core coverage premiums start at $160 and go up to $1,025 for varying levels of protection. Liability coverage is optional and available up to $1 million. More information is available at www.travelers.com.
"If you get your photos or videos back and they are ruined, there is coverage for that," he explained. "If the bride goes to pick up her dress and the store is closed-potentially a huge disaster-that is covered, as well. People insure their vacations and they insure other things, so it makes sense to insure weddings, as well."
Becky Nilsen, president and CEO of Desert Schools Financial Services, said in a statement: "Our goal is to give people advice for life by offering services that are competitively priced and personalized to meet immediate and long-range goals."
Nilsen noted a person does not need to be a member of the CU to receive a free, professional consultation from a seasoned insurance representative.
The $3-billion Desert Schools serves 340,000 members.
