New Delhi, Oct. 7 -- Once Ganesh M, a 25-year-old Chennai resident, completed his scuba-diving training in the Andaman islands, he figured he better get insurance for recreational dives he would do by himself.

While the sport involves following strict safety rules, on the off chance "if something goes wrong, the consequences are quite nasty," said Ganesh.

He couldn't find any Indian insurance company which would provide comprehensive coverage for deep-sea diving, so he ended up buying a cover from DAN Europe, which specializes in providing diving insurance. DAN is short for Divers Alert Network, and its subsidiary IDA Insurance Limited is registered as an insurance company in Malta, but its policies can be purchased by people of differe...