Is Crowdfunding Insurance The Next Great Idea?

I came across this article looking for a crowdfunded insurance product (think old school Lloyds of London but JOBS Act style).  However, this article talks about insuring a crowdfunded project.  In this sense, having a backstop to a project that fails.  I have talked to several people who seem to like the concept of protecting their investment with an insurance tool of some kind.  My skepticism remains as a high number of start-up projects will fail to launch and most certainly fail to generate any meaningful returns.  It's an interesting concept nonetheless.  I would love to see the crowdfunding insurance product to be crowdfunded itself.  Wonder if we'd get that past the regulators???  
Link to the article:  http://www.visionlaunch.com/is-crowdfunding-insurance-the-next-great-idea/