Yeah, not the smartest thing ever - Luckily, it wasn't the all-too-common "he tried to save the airplane and lost his life" story.
Well, normally I'd say "the insurance company owns the airplane" but the insurance company does NOT pay to replace ruined engines, unless you stuck the prop in the ground and/or crack something else up. If you have a purely mechanical failure, you're on your own for the engine.
Maybe the insurance companies will wise up and realize that it would help them if they did add this to the coverage so as to remove any incentive to pull this particular stupid pilot trick.
What I *really* can't understand is the people who have landing gear failures and try to do the "drive a fast car down the runway and try to pull it out" thing. Sooner or later, someone's gonna get a prop to the head and then it won't seem so "heroic" any more - Not that it ever was, a gear malfunction and gear-up landing is not a life-threatening emergency.