Bottom line is that if you bend it, you bought it. Unless someone else bends you, or you bend them, in which case you attempt to drag whatever you can from them, or attempt to avoid coughing up anything in return.
Like Mega said really, it's not a playground and there are risks, with very hefty consequences when you do fuck up.
HOWEVER, I should say that I had all these concerns the first time round and to mitigate that, I bought an E36 M3. I didn't bend it, crash it or damage anyone else (although I did nearly reverse into a 911 in the car park but that's just life) and as a result, there were no consequences.
I/we can't help the rules I'm afraid so you will all have to check your plums and decide whether its worth the risk or not. I'm 99% sure I will be taking the Golf and I am about 50% sure I won't be enhancing my insurance or purchasing track day cover in any way for the event.
Granted, that's a risk, but as my car is worth about 13k (of which perhaps 5k could be stripped in aftermarket parts, depending on if they survive) and most insurers would only cover beyond about an 8k excess, it seems pointless to me to insure it unless I find a great deal.
You only live once Gents.