On reflection I like the idea of "raid insurance." It might keep a pirate of my limited 2 month run in the game to NOT accumulate 63 pages of voodoo--I could maybe say back, "hey, you were insured."
Especially because it seems in the fine print this will not be implemented in real time, which would still allow for, you know, raids. The rapid depletion of gold should not be affected, and I propose that the insurance not be actually paid until the longest "raid" voodoo could be performed, which you know, is kind of hard to determine in the case of innactives and a determined raider.
To summarize: YES to long term covering of cost of raid, NO in short term covering of ship losses.