My Bike & Insurance Question

[Porkchop]

So for those of you that aren't Facebook friends and didn't see a couple nights back, I sold my VF500F. Its a decision that I instantly regretted, but it was something that probably needed done. I owed the mother some money and was getting some pressure from her to sell it. Plus her boyfriend that helped me get it running again said I should probably get it up while it was running great during the spring buying rush. So I got her up Easter day at 2am and had 7 replies by 10am. I had it up for $1500. I ended up selling it for $1300 to the first guy that showed up. I had a guy offer $1400 a day later, but cash talked that first day.

So now I'm bikeless and its warming up agian. I had a buddy buy a GS500 last night and I rode it home for him, which was cool to see the difference from a modern P2 500 and a vintage V4 500. During the process of buying his bike, I was talking to one of my best friends who has a 2006 636. He recently just got out of open heart surgery 2 mondays ago, and the doctor just told him that he wont be able to ride for almost 8 months. Of course to do open heart, they cracked his sternum and broke 3 ribs. So if he went down, he risked rebreaking everything. His front fairings need replaced from another idiot that ran into something. I straight up asked him if I replace his fairings for him, maintain the upkeep, and insure the bike... could I possibly ride the bike this summer. It has already been sitting since October, and it probably wouldn't be good to sit all the way until next March or April. Suprisingly, he said yes.

My main question is, if we would decide to do that, how would we go about insuring the bike. Can I insure a bike titled under his name under my insurance? Or would I just have to give him money to insure it under his name? The problem with that would be if I would godforbid get in an accident, it would either be his insurance is fucked, or I just bought myself a trackbike. Most likely the latter....