In reply to Adderbury Climber:
The AAC will cover all rescue costs and related medical costs that are incurred during a trip (including activities such as canoeing, etc). This comes at the princely sum of £40 (ish) and lasts for a year. Most people have some form of basic travel insurance for lost baggage with their banks, home insurance etc.
My advice would be to join the AAC and just buy a basic travel insurance package from tesco or similar for £15 to cover baggage in transit etc.
You will make your money back form just eh reciprocal rights and discounts of uplifts etc.