A theory is developed for the T = 0 Mott - Hubbard insulating phases of the Hubbard model at -filling, including both the antiferromagnetic (AF) and paramagnetic (P) insulators. Local moments are introduced explicitly from the outset, enabling ready identification of the dominant low-energy scales for insulating spin-flip excitations. Dynamical coupling of single-particle processes to the spin-flip excitations leads to a renormalized self-consistent description of the single-particle propagators that is shown to be asymptotically exact in strong coupling, for both the AF and P phases. For the AF case, the resultant theory is applicable over the entire U-range, and is discussed in some detail. For the P phase, we consider in particular the destruction of the Mott insulator, the resultant critical behaviour of which is found to stem inherently from proper inclusion of the spin-flip excitations.