I'd expect special treatment as a First Class passenger if my flight was cancelled.
I'd expect along with the other F pax to be taken aside from the mob (even Goldies travelling in CW and below) and dealt with first. Taken separately to a decent hotel and allowed to eat what I want with a few drinks included. That's the least I would expect to be honest. Insurance shouldn't come in to play at all.

AF used to be very good at dealing with this sort of thing.