At the 2006 Hobie 20 Nationals my property/liability policy got looked over very closely. I was asked to point out the expiration date (policies can be very hard to read) and a second person was asked in to confirm its validity.

And coincidently, I just got off the phone with one of the participants in a port/starboard casualty of the second day of racing (he was on starboard).

His port bow was in good enough shape to continue racing the remainder of the week, even after sheering off the starboard transom of the port tacker clean as a whistle.

I asked him if he turned in a claim? Oh yes, called the following day, submitting the results of the protest. The regatta committee was not involved in any way. Port tacker admitted fault and obviously was insured as well. Suppose it was a happy ending to one of those things that can easily happen, although he's having a hard time finding two qoutes for FRP repair in Oklahoma.

I feel better knowing (or a least thinking) that everyone has insurance.