Yup, good information, but actually a little off topic. QOCS would equally apply is someone lodged a PI claim against me because my rubbish bins were on the pavement and they tripped over them. I'm not about to take out insurance cover against that though. (I suppose it's possible that my household insurance already covers me for this, but I bet it doesn't apply if the bins aren't on my property.)
When I bought some woodlands a few years ago, I was strongly advised to take out PI insurance against claims arising from intruders wandering through my property, injuring themselves (how, exactly?), and then suing me for negligence in allowing them to intrude unlawfully onto my property. Seriously. On principle, I refused.
QOCS makes dealing with a PI claim more painful. Does it make a PI claim more likely?
My question wasn't, how much has settling PI claims cost you as a musician. It was, have you, as a musician, actually faced any claims at all.