Yes, but the insurance company has only one aircraft to repair or replace,
regardless of how many people are flying it.

(I presume) they don't, and shouldn't, think that way. They think of
the =likelyhood= that the airplane will need to be replaced. Further,
once it =is= replaced, it's with a new one that will be equally vulnerable.

For example,
if 100 renters' premiums were $1k/year for a $100k hull coverage, there is
no risk.

How is there no risk? 100 renters could total 100 aircraft in one day.
AT $100K apiece they have an exposure of ten million dollars.

It's not =likely= that those 100 renters would crash the same day, but
that's what they base their premiums on - likelyhood.

Each year the insurance company has no losses, they have pure profit
(and can invest the money to make more profit). But each year they have
a loss, they have to pay the whole thing, plus their lawyers.

Jose
--
The price of freedom is... well... freedom.
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