You can currently get insurance for the value of a wing, wingboard, foil etc.
I found in February/March, that I couldn't get insurance for any third party injuries caused. That seemed to be because winging was so new and small, that the insurance companies hadn't considered it worth it to pay for an assessment of wingfoiling, wing SUP etc. in terms of risk.
As far as I remember my insurance excludes some sports as high risk - like paragliding. I do not think I have to include a specific sport. It does not matter if I run somebody over while running or moutainbiking. But you are right I will check my contracts.