I don't see a problem with risking part of the portfolio on an insured PPT. Especially if you are the one running the PPT. At least we know GBF will be paid that way. Other insured PPTs may end up defaulting along with Pirate, or defaulting even if Pirate does not. Personally I consider GIPPT to be a low risk investment. A lot lower risk than many of the securities currently available on GLBSE.