There's a lot of excellent discussion in the comments on who should ultimately pay. One interesting aspect: if insurance gets too high, it incentivises corporations themselves to be the insurer. I mean the literal corporate limited liability. Would they not be incentivised to put each major asset into its own corporation, and in the event of a major loss that corporation becomes bankrupt?
You know what else has limited liability? People. A burger flipper making $30k/year can cause millions in damage by driving a car and crashing into a family of 4, sending them to hospital. The way we fix this is mandated insurance, so in the event something bad happens the insurance pays rather than having the family trying to collect a multi-million dollar judgement from someone with negative net worth. It's pretty easy to imagine cities/states/countries doing the same thing. If you want to sail into our waters, you need to carry insurance. I'd be surprised if that isn't already the case.