Our club went thru this 20+ years ago and we had adequate insurance. A beautiful new clubhouse was built where the old one stood and over half the membership stored their clubs in the bag room adjacent to the pro shop. There were a lot of members that were rocking new sets of clubs, bags, shoes, balls, etc.
Me? I heard about it when I was on my way to Omaha playing in a member-guest with my clubs in the trunk of my car.