Thanks for your replies - highly appreciated.
The production is an indie feature film shooting in Sydney through February and March.
The production didn't have insurance, nor signed contracts, 4 days out from commencing production, so I took other work.
The production were expecting camera department to stick a C500, wireless FIZ, wireless video split, and Battery powered lights to a motion picture car, driven by the talent, with a $500 car rig. Hmmmm......
Michael, as you suggested, I requested a 'contract stating that at the very least, production will pay the deductible on your equipment policy for renting your gear'. Production agreed, however by 4 days prior to the shoot, there still wasn't a contract.
Anyways, I have had a very similar discussion with another production company I shoot for, and within 24 hours they were able to organise insurance for all of equipment for their shoot. Makes me wonder why the feature film producer struggled to come up with insurance when I had discussed insurance with him over 10 weeks prior to leaving the production.
Thanks again to all for your replies.