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DIPs/DIP-63.md

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+---
+DIP: 63
+Title: Travel insurance
+Status: Draft
+Themes: Travel, Safety
+Instances: Devcon7
+Tags: DeFi, Insurance, Peer2Peer
+Authors: Christoph Mussenbrock <[email protected]>
+Resources Required: Social Media Support
+Discussion: https://forum.devcon.org/t/dip-63-travel-protection-flight-delay-protection/5244
+Created: 2024-11-06
+---
+
+## Summary of Proposal
+
+A lot of people will travel to Devcon SEA. This will impose a number of risks to these people:
+flight Delays, baggage loss, theft, and others. We will build a decentralized travel insurance for Devcon SEA participants. 
+
+## Abstract
+We will offer a FlightDelay Insurance for DevconVI attendees. 
+
+People can select their flight(s) and pay USDC 15 as a premium.
+Via an oracle, the risk of the flight being late is calculated, which determines the maximum amount paid out in case of a delay.
+
+After landing, the actual delay is determined by a second oracle call and in case of a delay, the payout is calculated
+and immediately transferred to the customers wallet.
+The core business process runs on our 
+"[Generic Insurance Framework](https://github.com/etherisc/gif-next)" and does
+not necessarily need any off-chain components, which are, however, provided for convenience. 
+
+The Dapp is available via [https://flightdelay.app](https://flightdelay.app) (in production, premiums in USDC) or
+via [https://flightdelay.integration.etherisc.com](https://flightdelay.integration.etherisc.com) (for testing, test-tokens available on request).
+
+We will explore if other travel related insurance products can be implemented in a similar way, e.g. baggage loss,
+theft, and others, depending on availability of reliable loss data. 
+
+Claims are paid out from risk pools. Investors can provide liquidity for risk pools. Liquidity providers receive
+those premiums which are not used to pay out claims. To become a liquidity provider, investors need to 
+stake [DIP (Decentralized Insurance Protocol) tokens](https://etherscan.io/token/0xc719d010b63e5bbf2c0551872cd5316ed26acd83).
+
+## Motivation & Rationale
+Attendees get peace of mind when traveling to DevConVI. This will increase their well-being
+and will also attract people who otherwise would abstain from participation.
+DevCon7 attendees will most likely be willing to use blockchain based insurance because it fits
+best in their DeFi engagement. Payouts can be immediate and no paperwork is needed.
+FlightDelay Insurance has been offered at DevConII in Shanghai and got a lot of good feedback, 
+it was the first insurance Dapp on Ethereum - time to bring it back!
+
+## Implementation
+FlightDelay has been implemented using our [Generic Insurance Framework](https://github.com/etherisc/gif-next).
+It currently lives on Base L2 but can be deployed on any EVM chain.
+
+## Operational Requirements & Ownership
+Implementation and operation will be provided by Etherisc.
+
+## Links & Additional Information
+- https://etherisc.com
+- https://github.com/etherisc/gif-next
+- [Blog describing the Chainlink Integration of FlightDelay Oracles](https://blog.etherisc.com/etherisc-to-leverage-chainlink-oracles-for-decentralized-flight-insurance-product-9559b64d79c7)