Wow you guys carry a million in insurance? That is incredible. I feel like I am extreme and I think mine here in the US is only about 300,000. Why are you all required to carry so much insurance?
I carry £2M in insurance, aka $3.25M. One order of magnitude more than you.
The reason why it is so high is that we are, in Europe, all members of sailing clubs. The sailing clubs are insured, but to protect themselves the club insurers do require big liability policies from all the member's and visitor's boats.
The good news is that accidents are infrequent, so those policies are dirt cheap (£2M liability only insurance for my Nacra is around £40/$65 per year)
