Digital Piracy Insurance?

Given the current state of streaming services, region restrictions, and increasing costs, piracy is a natural free market alternative. However, there is the ever present element of risk in the form of unlikely but egregiously disproportionate punishment. This seems to be the exact problem insurance solves. Given what people already pay to access media, something on the order of $1 per month for piracy insurance seems quite reasonable.

In the broad sense this seems like a meaningful way to disrupt the market and push costs down for everyone, while driving adoption and innovation for p2p technologies. Does anyone with legal or insurance background have a sense of if this would be possible to implement legally? Whether it could be commercially viable is a separate issue.