[leot]

Depending on the nature of the risk, yes, that might be enough insurance.

Bank deposit insurance is fascinating: it largely exists to prevent bank runs, which are caused by people believing they won't get their money out. Having any insurance means that people have less reason to believe there's a chance they won't get paid back, which decreases the probability of a run on the bank, which decreases the risk associated with the insurance, which decreases the amount of insurance needed.