EVE General Discussion

The most obvious and immediate problem for that if you do it the straightforward way (i.e. spawn a new hull out of nowhere) would be that you're pretty much hobbling the whole point of the EVE economy.
That is, as much as possible is actually created by the players (or at least by direct player action). CCP has constantly moved to increase the number of player-produced items and minimize NPC-spawned items.
Doing that would go completely against the whole direction they're trying to push the game towards.
Basically, doing it that way is a big no-no.

Let's say you go a somewhat circuitous and "fairer" route and say NPCs will buy out one (player-created) ship from the market (the cheapest, of course) and transport it "in the NPC background" somewhere else, where needed, according to where the loss reimbursement is supposed to occur (that could act as the "timer" you were talking about).
THAT, while at first sight is not really a problem (it doesn't undermine the player-run economy directly), is actually even more of a problem: it spawns ISK out of nowhere.
And --insert fictional deity name here-- knows we have way too many ISK faucets and not enough sinks already, which contributes towards inflation.
It also eventually leads to a massive spike in ship trading value (via the double whammy of out-of-nowhere ISK and the wanton continual purchase of cheapest available ships), which only makes the initial problem worse (you keep spawning more and more ISK for each ship loss).

And you know where most of that ISK eventually ends up, at least for T2 ships ?
If you guessed anything except "technetium and other rare moon material miners", you would be wrong.
And surprise, surprise, that's the worst place huge amounts of ISK should be ending up at.
It's less bad for T3 ships, but still not very enticing. Depending on how things stand, it could go to wormhole ratters or wormhole gas miners. While THAT part might actually be a somewhat good thing, since the total trade volume for T3 ships is completely dwarfed by T2 ships anyway (and likely to stay that way), so you're still left with the moongold issue.

All in all, sorry, that's not a good idea at all, no matter how you look at it.
The consequences are just too ugly in too many places, for way too little improvement elsewhere.
And again, there's absolutely no good reason for doing it at all in the first place, since only newbies and penny-pinchers are really supposed to be protected by the mechanics anyway.
If anything, PEND insurance should be completely removed, not boosted.

I get paid to lose ships.