The recently launched specialist division of Castel Underwriting Agencies has secured its first scheme following its appointment as underwriter for wedding insurance provider Wedinsure.
Vecta Risk Partners secured the scheme just a month after it was launched as Castel’s specialist unit for accident, health, travel and lifestyle insurance.
Wedinsure, meanwhile, is a new online insurance distributor targeting UK residents who are planning a wedding in the UK or overseas. It is the trading name of Genesis Choice, a retail and wholesale insurance broker.
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Under the scheme, Vecta will provide cover ranging from £2,500 up to £65,000 for a tiered insurance product, designed to meet the needs of different sized weddings and budgets. The cover extends from cancellation and rearrangement costs to failure of suppliers and personal accident insurance.
“The wedding insurance market remains a relatively underdeveloped area, compared to other personal lines insurance products,” said Richard Gorely, partner at Vecta.
Wedinsure’s extensive knowledge and experience in the marketing of wedding insurance enables them to take advantage of the opportunities which exist in this sector.
Genesis Choice managing director Terry Martin said Wedinsure and Vecta are planning on how to enhance the offering with more tailored coverage.
“Vecta has been an active partner in the development of Wedinsure’s plans and enabled us to come to market quickly,” Martin said.
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