I've really got a good laugh at this. No matter where you are in the world and no matter what your doing, if your unaware of your insurance coverage or stance on potential costs, ignorance is never a defence. Clearly the biggest risk in boat racing is vessel damage that leads to sinking... So why with that knowledge would you participate without a clear and through understanding of where you sit legally and financially if something were to occur! If you can't afford the sport or don't understand the legal obligaitions/cost and haven't sought to have it explained, you really need to reconsider your involvement. It's not difficult, if the race insurance doesn't cover it, to get a contractual agreement inplace with a salvage company.