API-510 significantly impacts the insurance policies and liability coverage for pressure vessels by setting standards that directly influence the risk profile of these assets. Compliance with API-510 can lead to more favorable insurance terms, including lower premiums and better coverage options, as insurers recognize the reduced risk of failure associated with well-maintained and regularly inspected vessels. Conversely, non-compliance can result in higher insurance costs and may even lead to denial of claims in the event of an incident if negligence in adhering to safety standards is proven.