There are two types of insurance coverage, one is “claims made” which you have, and there is “occurence based” which covers you retoactively so to speak. It also costs more to purchase.
You also have to take into account your premium and should you have a claim, and the insurance pays out of court you will also pay your deductible. So in any given year if you have a claim you must take into account the deductible and the premium. That is very expensive coverage!
Its economically beneficial for the insurer to pay out rather then expend huge amounts of money trying to defend. Should your insurer prevail however as I have read, you are entitled to recoup your deductible, from the losing party.
I thing long term it would be beneficial to lobby the government when licencing comes to ensure there is some kinda liability cap on our risk, thus reducing insurance. As to self insurance I don’t believe that is a reality as it would take a large number of people to get on board. To my knowledge no HI association has self insurance for one reason on another.
Just my thoughts, and I been doing this since 1991.
**The value of experience is not in seeing much,
but in seeing wisely. **