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What insurance? I doubt there is any.
I kind of assumed that too.
I'm pretty sure Jesse had organisers' liability insurance for IndyPac - and pulled it when his cover was withdrawn. But I think Nathan's approach is more informal. Whether that is sustainable, I don't know. What would force it would be if an insurance company who covered one of the hurt / killed riders decided to sue Nathan to recover their losses. It could then get very ugly.
What insurance? I doubt there is any.
No entry fee, no prize money.