The undersigned assert that the potential for mayhem posed by military-grade firearms is a risk no less than the risk associated with owning a motor vehicle, running an industrial plant, preparing food or selling medical devices.
We also recognize and honor the American tradition of attaching personal accountability to risk through the mechanism of insurance, and thereby allowing the marketplace to act as a regulatory mechanism.
We therefore propose that, in addition to sensible regulation of personal weapons of mass destruction, the owner of any weapon with a capacity greater than 6 shells, or in which bullets can be fired at a rate of more than one per second, be required to purchase and maintain private insurance in the amount of no less than $1 million dollars per loss.