Surely you can't spend bazillions of pounds without insuring in the event of random tragedy? Or there's some Cardiff admin with the insurance paperwork sitting on his desk, who said to himself yesterday, "I must remember to get that in the external mail tomorrow".
They used to all be insured, but about ten years ago someone at Liverpool told me that once they started buying players for ten million and more they decided to wear the risk as the premiums became massive. I don't know if it's changed again since or if there's an industry thing in place or what