Vecta wedding insurance scheme selected to launch Wedinsure
London, 9 February 2017 – Vecta Risk Partners (Vecta), the specialist accident & health, travel and lifestyle insurance division of Castel Underwriting Agencies, has secured its first specialty scheme just one month after the firm launched, following its appointment as underwriter for new online wedding insurance provider, Wedinsure.
Wedinsure is a trading name of Genesis Choice Ltd and is a new distributor of wedding insurance to UK residents who are planning a wedding either in the UK or overseas. The company offers comprehensive cover through a dedicated website www.wedinsure.co.uk.
Under the scheme, Vecta provides 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, through to failure of suppliers and personal accident insurance. Vecta secured the scheme following a competitive tender process.
Richard Gorely, Partner at Vecta, said: “The wedding insurance market remains a relatively underdeveloped area, compared to other personal lines insurance products. 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. This is a great example of how our underwriting, product development, marketing and operational delivery expertise can be harnessed to launch an innovative insurance solution in a very short period without cutting corners.”
Terry Martin, Managing Director of Genesis Choice, said: “Vecta has been an active partner in the development of Wedinsure’s plans and enabled us to come to market quickly. They have not only been able to respond to our needs for flexibility, responsiveness and a competitive product but, are also looking ahead with us to how we can enhance the offering with more tailored coverages.”