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They would have third party property insurance. Self insuring is not really gambling, it's an assessment of risk. I thought my example illustrated this. If you have one $2million IP then you obviously need to insure it. If you have 20 $100 000 IPs in different towns in different states then...

Hey come one here, if I was a tradie who owned 15 utes, I wouldn't insure them because the premiums would buy a new one each week, so if one crashed every year, it doesn't matter, it just gets replaced. If all 15 utes were written off in one day I'd be really unlucky.. and this would be hard...