But we weren't in the aircraft, don't know how well it is insured and whether the owner of the Cirrus may have enough in his bank account to buy 100 more aircraft.
And that's relevant how? Once you pull the handle, you relinquish control of the aircraft to chance, meaning you might end up with more than just a written-off airframe. What use would hull insurance be to you if you, for example, find yourself confined to a wheelchair because you sustained a spinal injury upon touch-down?