Extreme Travel Is Inspiring New Types of Insurance

Traditional travel insurance does not spread to paramedics. Even though it usually covers emergency costs. Global Rescue CEO Dan Richards told DealBook that when it was founded, it wanted to fill that gap. Founded in 2004 as an emergency travel management company, it offers evacuation services to its members for a $360 annual membership fee. Upgrades that include Military Special Operations Veterans’ promises to rescue you from dangerous locations such as combat areas may increase prices as follows: about $1,800. Similarly, medical evacuation service Medjet sells annual memberships, and companies such as AirMed International and SkyMed offer emergency rescue services.

travel insurance teeth go to space The space tourism market is expected to grow to about $3 billion by 2030, as companies such as Blue Origin and Virgin Galactic sell tickets for the trip. Extrapolation from UBS.of space travel insurance The market is still small, but Lloyd’s of London Applying insurance to the space businessstarted underwriting business space travel insurance 2021 and last year, Japan Aerospace Exploration Agency Mitsui Sumitomo Insurance and Mitsui Sumitomo Insurance have announced that they will jointly develop space insurance products.

Some relief costs will be borne by taxpayers. Search and rescue costs are typically covered by state and local agencies, Hastings said. About six states have laws that allow authorities to charge rescue victims, but few do so—for example, there is no charge for someone rescued by the Federal Park Service. Last year, lawmakers in Hawaii and Utah introduced legislation that would allocate federal funds to: help the state pay for the search The bill failed to gain traction, although drafters said the burden was disproportionately placed on less populated areas.

This week’s search for the submarine is likely to cost millions of dollars. The Coast Guard, which led the rescue effort, has jurisdiction over search and rescue operations in the United States and other navigable waters. “But that’s just the definition of their mission,” Hastings insists. “We do not advocate charging fees for search and rescue because we want people to seek help regardless of socioeconomic status.”

Richards said a Global Rescue customer signed up for Titan Travel this week but withdrew the deposit due to safety concerns. Had the customer carried out the plan, his team would have worked with an international rescue force, but the company would not have had the necessary deepwater capabilities. He said there are still some journeys where the risks cannot be fully mitigated, adding: “In the event of an emergency in space, there won’t always be someone to contact people.” — Efrat Livni

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