After working in the insurance industry for a few years only
- claims, repairs & settlements for auto & home-
I think it best that all parties involved have insurance and ensure that it is appropriate insurance
for an individual &/or business circumstances for replacement of items and legal liability. However, it is up
to each individual and/or business to get the correct and most appropriate insurance out there for their
circumstances. I know it costs money but, if you do have it then, you have no worries.
If you have the right insurance then, let the insurance companies work it out for all parties, as that what you pay for.
Settlement money (from an insurance claim) does not replace material items or businesses, but it is there if you choose it.