It's hardly that. I can't insure devices used by kids for a very specific reason, they simply can't be held liable.
They forget, they put their expensive shit everywhere where not appropriate, they want to avoid homework and they fucking loose their "books", in this case a Chromebook. It's kids.
Probably a lot of these Chromebooks been lost due to accidents, and then reported stolen due to insurance companies being a fucking mess and misunderstanding by patents thinking they'll be liable for repairs and not lost/stolen devices.
I've worked at school where students have laptops/Chromebooks. The waste and hilarious and sometimes disturbing excuses when broken and non-functional equipment is returned for repair are constant.
We simply took their computers, gave one in stock and sent off the broken ones for repair. The excuses we got were during fault report.
A lot of laptops were reported stolen, we used to track them as they were connected to mobile network. 99.9% were never seen or recovered so it was decided not to waste money on extra mobile connectivity hardware, the laptops were most probably in some "hilarious" (stupid) accident or disturbing destruction.