Endurance Race Insurance

You know, after reading about the cancellation at IMNZ it got me to thinking about race insurance for the participant. I am not sure if this has ever come up before, but couldn't that be a lucrative business venture for someone, or even for WTC to offer. It is offered for any travel plans, and other ticketed events. I imagine it could go something like this. 

You pay 10% of the race fee to some third party company, and in return are guaranteed to get a refund for your race entry fee if for any reason you are unable to start the race...(insert lots of small print and legalese to the end of this to make it official.)

 can't imagine losing $700+ dollars of race entry fees if my first IM were to get cancelled. This expense and lack of any kind of guarantee of return in the event of any mishap, especially with the need to sign up at least a year in advance, is really the largest deterrent for me to sign up for my first IM. I will often pay higher fees for races to reserve the ability to sign up slightly closer to the event, and gain a better sense of what might come up in my schedule, or delay entry in case I get injured in some way while training.

Anyway just some thoughts... Is there something like this already out there?