Released on: February 15, 2010, 7:54 am
Author: M&S Money
Industry: Financial
New figures from M&S Money show that February is one of the most popular months of the year to buy wedding insurance, with sales of M&S Wedding Insurance expected to increase in the weeks after Valentine's Day as couples planning their big day make sure they are covered in case the worst happens.
David Wells, M&S Head of Insurance, said: "Considering the cost of an average wedding and the current economic climate, wedding insurance really should be at the top of every bride and groom's list.
"When buying wedding insurance, it is important to think through all the services planned for the big day and make sure the right amount of cover is in place. Once the cover is in place couples can get on with the preparations for the big day."
Dave Simms, Personal Lines Manager at Ecclesiastical Insurance, which underwrites M&S Wedding Insurance, said: "Supplier failure was the main cause for wedding insurance claims in 2009 and can seriously disrupt a perfectly planned special day. Suppliers struggling in the current economic climate can cause brides and grooms stress and heartache by not being able to deliver contracted services. This often happens at very short notice before the big day.
"In such circumstances, having proper wedding insurance in place can help you get your wedding back on track and help to ensure you're not left out of pocket because of failed services. Wedding insurance really should be a top priority for newly engaged couples."
Couples taking out an M&S policy can cover themselves against various nightmare scenarios, including a damaged cake, lost rings or stolen flowers, however there are exclusions, for example the policy does not cover cancellation where the bride or groom decides they don't want to get married.
M&S Wedding Insurance - Key Features:
Four levels of Wedding Cover
No excess
Up to £17,500 cancellation cover
Stress counselling included as standard
M&S Cardholders receive 100 M&S points when they take out a new policy
Ends
Notes to Editors
About M&S Money:
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc, making 2010 the company's 25th anniversary.
The company is a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home insurance and car insurance as well as loans, savings and investment products.
In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,422 billion at 30 June 2009, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world's local bank'.
M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.
M&S Wedding Insurance policies are provided by Ecclesiastical Insurance Office plc.
For further information please call the M&S Money press office:
Simon Coughlin
Media Relations Manager
M&S Money
8 Canada Square
Canary Wharf
London
E14 5HQ
020 7992 1574
An ISDN line is available for broadcast interviews
money.marksandspencer.com