Mountain treks need peak coverage
Mount Everest is the world’s tallest peak at 29,035 feet.
It’s the ultimate challenge – braving an atmosphere with very little oxygen to climb to the top of the world.Mount Everest is the world’s tallest (29,035ft) and one of the most dangerous peaks to climb. Despite this, between 1922 and 2006, Everest has been climbed by almost 3,000 people from twenty countries, more than 200 of which have died, the odds being one-in-six of not making it down alive.If you want to try and climb the mountain on a budget it can cost around $US25,000, while guided package trips soar to as much as $US60,000. A permit to climb the mountain costs $US10,000 and along with travel, food, equipment, oxygen and Sherpa fees (a member of the Himalayan people living in Nepal and Tibet who are famous for their skill as mountaineers), and insurance is a must.
May is the best month to attempt to climb Everest as the peak is battered by 100 mph windstorms during the rest of the year. The extreme weather conditions and lack of oxygen at altitude mean that what may start out as the climb of a lifetime can cost climbers their lives.
David Stirling from Lloyd’s broker Crispin Spears says that only a specialist insurer like Lloyd’s would consider covering an Everest expedition.
“Assaults of Mount Everest are far more routine than in the days of Sir Edmund Hillary and Sherpa Tensing,” he said. “Yet however well prepared climbers are, the risks are still significant.
“The type of cover needed for an expedition to Everest would include Accidental Death, Dismemberment and Permanent Total Disablement through to Life cover.
Coverage can also be accompanied with Emergency Medical, and Evacuation and Repatriation expenses in assisting to get you down the mountain into the care of a hospital and returned home.
“Naturally these mammoth personal achievements come with different degrees of risks. Underwriters look for details of the climbers’ experience, their health, as well as personal details like age. Bespoke coverage, benefits, terms and conditions are set per case.”
“The reality is that standard off the shelf products cater for the masses and more unique risks need that little bit of extra care and attention coupled with a willingness of underwriters to accept more hazardous risks. That is exactly where Lloyd’s comes into its own,” adds Stirling.
-from Lloyd’s of London
