On Monday, Jan. 14, PAL Network announced the launch of new insurance products on blockchain for its customers. These are solutions for air travellers that aim at making their life even more comfortable.
DLT-powered rain coverage
The new blockchain-based solution is RidePAL, as well as insurance for Flight Delay and Flight Cancellation.
The first service will insure you from rain when the water rises at a speed of 4 mm per hour (or higher) at the place where you board transport for a trip. The payout will be up to $5.
The startup promises that the first thousand customers who purchase RidePAL will get $10 instead of $5 for getting wet during the rain.
Flight delays will have to be paid for
The Flight Delay option by PAL Network will let customers get compensated for the time and money they lose while waiting for their flight. The reimbursement is around $100 if you get delayed for longer than three hours. The service will work for several airports that PAL Network collaborates with. PAL Network claims it can insure customers even if they use top-of-the-range airline companies.
The same goes for flight cancellations, but the payouts are slightly bigger. Presently, customers can buy insurance products with fiat money (US dollars) and crypto (the native PAL coin).
BNB integration for travellers
Recently, U.Today reported that another crypto coin has been integrated – BNB. Binance is collaborating with Australia-based TravelBit startup, having invested around $2.5 mln in it.
TravelBit intends to set up crypto payment terminals in airports around the world. BNB is among the coins which are now available for purchase there.