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In practice this insurance (which already exists!) just creates another compliance checklist and not a meaningful focus on actual security.

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That's a problem for the insurance company (in a simplistic way): if they aren't efficient, they'll eventually get replaced by a company which is.

Obviously, the incompetent insurance company will entrench itself by lobbying for laws / making it harder for other companies to compete / get bailed out by a state or country when they fail.

Or, more likely, they will make a compliance checklist that is sufficiently difficult to comply with fully they'll have a means to deny most or all of the claims against the policy. I don't think the insurance industry is very efficient.

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