today i have spoken to raaus and geoff tompkins the raaus insurance broker.
fly boy is correct . if one hires an raaus registered aircraft for solo training or not the ra policy will cover 3rd party damage caused by the aircraft under your control but not the aircraft you are flying.
a good example is the jabiru that became wall art at goolwa when it went through the hangar wall at high speed. the ra members insurance covered all the repairs to the buildings.
now when a student is training the instructor is pic at all times when he is in the aircraft so he has to pay the insurance excess. as soon as he gets out the solo student becomes liable for the excess. i rang my club and asked as well what their policy is and they sent me the figures. most of the club aircraft have a $1250 excess but some of the newer ones up to $5000.
the broker thinks the school with the $15000 excess is paying reduced premiums but just passes on that ridiculous excess to students nad instructors, pretty shifty.