I'm no fan of Musk, but its not unusual among the super rich to not have insurance. They frequently post a bond with the state in lieu of insurance. Perfectly legal in fact in California.
So is this another example how the super rich can sideline laws that need to be followed by the not super rich? Like for example, anything that's not allowed, but the only repercussion is a fine? (let's say, littering, just as a concrete example) If I'm super rich, that basically means I can do it, but a poor person would think twice.
Also see companies dealing in business malpractices that only receive a pittance of a fine as the outcome of losing the legal trial. ie: "cost of doing business"
In California for example, You post the bond in the amount required by the state (35k), that acts as your certificate of insurance. Purchase a surety bond from a company licensed in California, or file a certificate of self insurance (only for motor carriers, and requires a 300-750k deposit), or you can purchase traditional liability insurance.
Also see companies dealing in business malpractices that only receive a pittance of a fine as the outcome of losing the legal trial. ie: "cost of doing business"