Hypothetically, if you "squat" a mooring, with no idea what it was designed for or how it has been maintained, then how can you expect your insurance to pay when the mooring fails? That is one benefit of the BoatyBall moorings: they are inspected, maintained and insured. It would be much harder for your insurance to deny the claim.
The more interesting question is if you anchor. How would your insurance determine if you anchored properly. Would you be in a stronger position anchoring poorly than squatting a defective mooring?
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