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As someone who has has worked with aligning racing and Club insurance, there is not any discussion about what type of boats are racing, just the fact that someone IS racing drives up the liability cost. And here in South carolina we do have to obtain a permit from the Dept of Natural Resources to race on ANY body of water. If you do not have the permit on the race committee boat, then EVERYONE participating in the race is subject to $500 fine, more for the organizers. You better look into your states regulations before you decide to organize a race.
No matter what you race, whether it be bicycles to airplanes there is always an inherent risk. People can be prone to making poor judgements when it comes to pushing the limits of themselves, or their equipment when in the heat of battle so to speak. The ones who don't push the envelope die off in animosity, while those strive for that little extra are the ones who make a name for themselves. Moral of the story is that things happen. Cars crash, boats flip, and toast will always land jelly side down when dropped. If you're one a member of the elite that can take a 100k worth of boat out and not really care about what happens, either because of dangerous conditions or a dangerous lack of experience, then more power to you. It isn't the place for others to decide what is too dangerous, or what is should be considered calous behavior.
It is absolutely the place for race committees/organizers. They have to deal with the fall out, success or failure of the event, and potential liability.
That is the problem, liability for the race organizers and rescue boats when someone
Pushing the limit
goes over the edge, then blames everyone else for their mishap and sues all parties, to include boat manufacturer (remeber why Hobie had to make the Comp Tip masts??). That is why the insurance is so high for racing.