Well the current way involves paying for a bunch of non-value producing busy work by insurers, lawyers and a ton of expert parties relevant to the litigation process.

There's probably some combination of "everyone just posts up a bond into a fund to cover this stuff" plus a really high deductible on payout that basically deletes all those expensive man hours without causing any increased incentive for carnage.

Events like these are a VERY rare exception compared to all the shipping activities that go on in an uneventful manner. Doesn't take a genius to do the napkin math here. Whatever the solution is probably ought to try to avoid expending resources in the base case where everything is fine.

Regulations to require work is done correctly the first time. Also inspections.

I like a government that pays workers to look out for my safety.

A punishment that was felt by decision makers but was unable to be offloaded as a cost to the public, except maybe in the form of rent. Prison :)

Informed consumers who actually walk, ever.