You know, there are several mutual insurance
companies in existence. They were formed by associations of individuals who'd experienced similar difficulties as described here.
The fundamental concept
behind it is, enough individuals with a large enough collective net worth contract
together to put money
into an escrow-type account to mutually insure against one another's risk. What gets used in claims payout each month/year becomes the actual individual cost of the insurance
policy. What isn't paid out is either retained for future claims or rebated to the individuals, depending on the amount and the agreement in place. This eliminates the middle man and any profit motive, as the company thus formed is merely a co-operative enterprise. Theoretically makes it cheaper for everyone. It usually works for a period of time until the enterprise grows large enough for bilkers to gain control of the operation. They then find ways to siphon money
off into their own pockets.
Anybody out there with an entrepreneurial background willing to set one up for cruisers?