Coinsurer
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Definition of 'Coinsurer'One of the parties that provides additional insurance to the same person or policy. A Coinsurer provides partial coverage along with other coinsurers. Coinsurers are generally used when the amount being covered is too large for a single insurer to cover by itself. For example, after a fire, the primary insurance company will cover the majority of the schedule, while the coinsurer will be responsible for the rest. |
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Investopedia explains 'Coinsurer'In some instances, state or federal law may dictate that some risks must be jointly insured by several coinsurers in order to adequately diversify the risk of a possible large claim. Coinsurers will share in any claim or loss for the proportionate amount of risk that they take on. |
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