For the case they had made the deal.
First, Hellmuth wins nothing from Eli, well, unless he losses.
Phil payed Eli 10K for Eli takes the loss if Phil would have lost.
So Hellmuth payed 10k to insure his 80k (I think that was what Sammy had).
So the math:
let's say he payed 10k insurance the he had 100k at risk.
Let's say Hellmuth is a 8:1 favorite, means he looses every9th hand.
so he wins 800k and looses 100k. Nothing new.
But the insurance is 10k for 100k, so it is 9:1.
that means he pay 8 times 10k insurance (for the times he wins the all-in) that makes costs of 80k, but he saves loses of 100k (for the one time he looses the ll-in).
Or something like that, I can't explain it any better
Insurance is a good deal, if the odds of the insurance are better than the pot odds.