It is amazing what people will put at risk to save a few quid. I guess the owner was hoping was that by the time the aircraft reached the North African coast the pilot would have now got 20 hours on type! So the only "un-insured" bit would have been the first half.
Anyway I thought under JAR/EASA all light twins were now a class rating so an indivuadual type does not actually exist in licensing law