The idea of self insure is not doable for many reasons.
Think about:
Who would collect the money? Who would record the properties in the fund? Where would the money be stored/saved? Who would arrange for audits? And pay for the audits? Who would do this work without getting paid? Who would manage the claims? Who would investigate the claims? Etc Etc!
There is a reason that insurance companies exist and a reason that most of them employ thousands of people. Even companies that I know of that self insure their health fund (for example) have to hire an insurance company to handle all the processing of money, claims etc.
Bottom line: Sounds simple and neat but not doable.
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