Let's call it self insuring, not going without...
You might consider how "at risk" you really are without coverage.
I have been through this with uninsured schmucks, They get a ticket and pay the fine. End of issue until I sue. How bad was the damage?
They have to get an attorney. The attorney files, but the court has to be able to serve them notice. Are they going to pay an attorney to track you down, especially a vagabond? Having a mailing address where your boat is registered is not enough, you will usually need to be served.
In the mean time the injured party is paying his attorney who says I can't guarantee that you will win or get anything....
Say you do get served and you don't fight it, you lose and have a judgment against you. Well, that's great, that judgment and a couple bucks will get you coffee in most places.
Now you have to collect. Hire a collections agent or attorney....well, the guy is retired and lives on a pension. Social security
can not be garnished under federal law, most states won't garnish other retirement
Now you have to find his money
, the attorny can get that after getting a court order. But if nothing but the SS check goes in that account, he can't touch it, only if there are comingled funds from another source or assets.
If you can't get the collection within the time period your judgment will expire, back to the courthouse to get it reinstated. Now, you can continue....
How much was the loss?
What you will find is that most injured parties do not seek indemnification from uninsured parties. Only if it can be determined that they have assets that can be siezed (which usually won't happen unless it's a large judgment) or cash/wages to garnish.
Unless there is a legal
requirement to be insured, you will only have a civil case with the injured. If you have a "small" boat that floats into someone damage will probably be limited. Damage must also arise from your negligence, if you acted prudently and it's an act of God storm, well, who knows what hazards are out there.
That's pretty much why liability is so cheap
, it's rare, hard to prove and generally losses are small.
But, you could load you boat at a ramp
, it breaks lose and rolls down the hill and kills three kids