As prescribed in the Notice of Race section 13 OWNER/SKIPPER RESPONSIBILITIES
The safety of a sailing yacht and her crew is the sole responsibility of the owner and the skipper. The owner and the skipper must make certain that the yacht is fully found seaworthy and well crewed. They must satisfy themselves as to the soundness of the hull, spars, rigging, sails, and equipment. They must see to it that all safety equipment is properly maintained and stowed, that the crew has been instructed in its use, and that the equipment is deployed when necessary. Neither the minimum required equipment, nor the inspection of a yacht by the race committee for compliance, limits the responsibility of the owner and skipper for the safe operation of a sailing yacht in this race.
and the Notice of Race section 14 INSURANCE
All participating boats must carry adequate liability insurance coverage for collision and bodily injury.