Ray does have a very valid point. I have worked as a limited company before and at least one agency made me get my own insurance. Had I been PAYE with the agency then I would have been on the agencies insurance not the client companies.
The only time I have managed to get on the clients insurance is contracting direct to a company missing out the agency altogether however still being a oontractor.
A lot of the companies do seem to have an agreement where as they will not sue each other over insurance issues though.
i.e. Allseas were not responsible if the Subsea 7 ROV was destroyed in operations but on the same note if the ROV destroyed some of Allseas pipeline then Subsea 7 were not liable.
As a contractor with your own insurance it is good to know that unless you seriously hurt a work mate then you are probably never going to need the policy.
Also some of the insurances are pointless as you would end up sueing yourself in the event of an accident that was your own fault.
Getting back to rates though if you are insuring yourself it is like losing a grand a year off your wage and that is yet another reason to go and work for a company.