×

This guy is betting your flight will be on time

As bad weather forced mass flight cancellations and delays on the busiest travel day of the year, travelers who took a gamble on flight insurance would at least have some consolation amid the chaos.

In fact, there has been "tremendous" interest in travel insurance, Berkshire Hathaway Travel Protection President John Noel told CNBC on Wednesday, specifically the company's AirCare product.

"The travel delay is the most frequent claim that we have, where travel delay is over two hours," he said in an interview with "Power Lunch."

Read MoreFlight cancellations pile up as bad weather hits

In essence, he's taking a gamble that most flights will be on time.

People walk past a board that announces cancelled flights at LaGuardia airport on the day before Thanksgiving, in New York, Nov. 26, 2014.
Carlo Allegri | Reuters
People walk past a board that announces cancelled flights at LaGuardia airport on the day before Thanksgiving, in New York, Nov. 26, 2014.

Launched in May, AirCare provides coverage up to 24 hours before departure. In November alone, the product has seen a 250 percent sales increase.

Travelers pay $25 per trip and get $1,000 for tarmac delays of more than two hours or lost or stolen luggage and $250 for a flight delay that causes them to miss a connecting flight. If their luggage is delayed more than 12 hours, they'll pocket $500 and they'll get $50 if they experience more than a two-hour delay—doubling their money.

The money is deposited "immediately" into PayPal or checking accounts, Noel noted.

Travel pros are already predicting that airport delays will only get worse as more people take to the skies and infrastructure doesn't keep up. According to the U.S. Travel Association, 27 of the 30 major U.S. airports will experience Thanksgiving-like congestion two days a week within the next decade.

Read MoreAir travel congestion to get worse: U.S. Travel Association

Noel said he likes to think of AirCare like plane-side assistance, similar to roadside assistance for automobiles.

"We're offering this service, plane-side assistance where we give our customers 24-hour access to train, travel agents and concierge specialists that help them with really any problems that might occur as well as transportation in terms of limos, cars, taxis, trains, trucks, rental vehicles," he said.

—CNBC's Jennet Chin contributed to this report.