@farmerman,
Well, since Insurance companies regularly pay out billions of dollars for claim the plan isn't quite working.
An insurance policy is a contract. It has terms and conditions. There are things they are willing to cover and other that they are not. Since an insurance company can't retroactively price for a risk, they really don't like to pay for anything that wasn't predictable when they set the original rate.
One of the things they don't want to insure for is intentional damage. Why would they, and as importantly why would society want them to?
If a company has been dumping toxic waste in a river for any period of time, do you think that it did so with a reasonable ignorance of the consequences?