Insurance companies insure faulty work, unqualified work, old houses all the time, even do it under **** home inspectors. I saw one pass the other day with old broke KT, whole house but the furnace on 2 old delapitated circuits with wrong fuses.
The owner said,,, it had some kind of inspection,,, I said,,, even if you cant change a lamp a blind man can see the obvious.
Drive down the hiway and have hundreds of cars facing each other at road speed with faulty tires, rusted broke brackets and frames, non working brakes, worn steering and its rarely a cause of injury,,,, not that it cant happen and doesn't and am sure you can find it but most **** brakes without incident.
The guys own car, his own machine and he has enough conscience to ask about the risk,,, I say go for it.
Somehow a **** weld from a factory is ok, a goober weld falls off a comp tank, its the end of the world to put a decent one back on. Last leak I fixed on one wasn't rusted out from collected water as it was a bracket for the wheel kit some incomp USA slob done it in the factory.