While most vacationers seek relaxation and leisure activities, there is a subset of travelers who pursue the most extraordinary and extreme experiences a new location offers. For those in the latter category, typical travel insurance might not be robust enough to cover their excursions.

Most travel plans will cover unforeseen injuries and illnesses that prevent a policyholder from taking the cover trip or for incidents occurring while traveling, says Jenna Hummer, public relations manager for travel insurance quoting and comparison site Squaremouth. However, for travelers planning to swim with sharks, surf, mountain bike, white water raft or partake in some other extreme sport or adventure, a sports and activities policy offers coverage more in line with these undertakings.

"If a traveler files a claim related to an activity that is not covered by their policy, their claim will not be paid," Hummer says. "It is important for travelers with a standard policy to review the activity exclusions listed in their policy before participating in high-risk activities."