I don't see how insurance could not pay out. You are correctly licensed to fly the N tail number plane in all respects - In fact as soon as you enter foreign airspace you are REQUIRED to hold these certificates. No where else in the world requires you to be dual licensed to fly a particular tail letter.
Actually I would be licesensed as I hold a JAA (EASA) PPL but not the IR so they'd have to prove I was flying in IMC
