What is Flight Delay Insurance?
Flight delay insurance is a financial product that provides compensation when your flight is delayed beyond a specified time threshold. Unlike traditional travel insurance that might cover a wide range of issues, flight delay insurance focuses specifically on time delays in air travel.
Our blockchain-based flight delay insurance represents a revolutionary improvement over traditional insurance models by using smart contracts to automate the entire process from policy issuance to claims settlement.
How Blockchain Makes It Better
Traditional flight delay insurance requires you to submit a claim, provide documentation, and wait for approval—a process that can take weeks. Our blockchain solution leverages flight data oracles that automatically verify flight statuses and trigger payouts instantly when conditions are met.
Smart contracts eliminate the need for paperwork, reducing administrative costs and allowing us to offer lower premiums while providing faster service. The entire process is transparent, as all terms are encoded in the blockchain and cannot be altered after your policy is issued.
Coverage Details
Our flight delay insurance covers delays caused by various factors including weather conditions, technical issues, air traffic constraints, and airline operational problems. Policy activation begins when your flight is delayed beyond the threshold you selected (typically 1, 2, or 3+ hours).
Compensation is fixed and predetermined at the time of purchase, so you know exactly how much you'll receive if your flight is delayed. This makes our product both transparent and easy to understand.
How Payouts Work
When you purchase a policy, a smart contract is created on the blockchain that holds your potential compensation amount. This contract is connected to reliable flight data sources that monitor your flight status in real-time.
If your flight's delay exceeds your selected threshold, the smart contract automatically releases the funds to your crypto wallet without requiring any action from you. This happens typically within minutes of the delay being confirmed, allowing you immediate access to compensation when you need it most.
