POS boat wreckage litters Doran Beach

 Hi Yakers:

  Why would anyone would lease this Boat without insurance?
                                                                                             Regards
                                                                                            Ernie

"Blake Juntz of White Sail Trust said the boat was a wooden double-ender fishing boat that was probably 70 to 80 years old and was uninsurable. He said it was being leased to Mac-Lean, who could not be reached for comment Tuesday."

   http://www.pressdemocrat.com/article/20120828/ARTICLES/120829526/0/news05

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If it was uninsurable why was it licensed or was it?