1. Under noraml operating parameters, the chipset wont fatally overheat
2. In normal operation parameters, if the chipset overheats, the CPU already overheated a long time ago and thus the safety mechanism for the CPU will also cover the chipset
3. In out-of-range conditions such as watercooling for the CPU but nothing for the NB (not even a heatsink) then the system will lockup and voltages go to crap (usually resulting in a hardboot). Of course for this kinda stupidity you deserve what you get