If you have too many rules, well, think of all the club members that can't have fun in THEIR airplane because YOU don't think it's OK.
I was on the BOD of a club for 14 years, and yes we had a plane totaled. People flew other planes for a while... Same as when someone geared one up on a 5000' paved runway on a sunny day. Same as when major Mx was unexpectedly required. $#!+ happens, you deal with it, you move on.
We had VERY few rules beyond the FARs and the very limited insurance requirements. We trusted pilots' judgement and encouraged them to get training and stay proficient in the sorts of operations they were going to undertake. At one point, one member made a big deal of another member's taking one of the planes over Lake Michigan and how we needed to have a rule against that to protect our members. I was at the airport with him, and he was still complaining that we shouldn't allow something so unsafe, when the other guy returned from his trip and exited the airplane wearing a drysuit. Sudden silence.
Then the insurance company writes the club a check and the club goes and buys another Bonanza. When this happened to us, we ended up with an even better airplane than we started with.
Now, if you underinsure or don't make sure your club members follow insurance requirements, that's on you (the club).
The first rule of aircraft ownership is "Thou Shalt Not Put Thy Pride And Joy On Leaseback."
Even if it doesn't get wrecked, it will get flown by people who have less invested in it than you do. It will get worn faster, you'll have to deal with the extra wear and tear of other people getting checked out in it at a minimum.