In the dim and distant past I used to insure the rig as a separate item. You added up what it would cost if you were sailng with all your biggest sails
up at the the same time. Some catastrophe happened and all you were left with was the chainplates...
If you were racing
there was a blanket 25% deductable. If cruising, the whole lot was covered. Maybe in the interests of simplicity the Underwriters have decided to lump everything together. Incidentally, my current
insurers give full "all risks" cover, rather than "insured peril". Within the current
over two years old, or under .75oz and aren't covered. Careful comparison of the small print is advisable.