For whatever it's worth, speaking as someone who (tries to be) a responsible 40' racer/cruiser owner, and owner of a small (as in VERY small) maritime business. I'm in the process of renewing my policy for 2016, so I have the numbers right in front of me. Liability limit for each accident (bodily injury and property damage) is $500,000. Medical payments per person, each incident is $25,000.
Pretty standard policy through Gowrie Group. So I would assume that's a solid, typical policy for a boat our size. I would honestly be pretty surprised if a 40-foot owner would arbitrarily pump up the standard/recommended insurance 3X to cover an incident such as this.
As an aside, the only real injury we have ever had on the boat (knock on wood) was caused by the OEM fairlead adjustment block on the deck (was metal, now replaced), which split our barefoot bowman's toe open. He used e-tape for the rest of the regatta, then went at got stitches.