Co-insurance

The application and an example of co-insurance.

Description

co-insurance may be applicable between
  • two or more insurers, or
  • the insurer and the insured (customer).

Example

When a customer has understated the value of the declared value rate group for their vehicle and its equipment, the customer becomes a co-insurer in specific circumstances, that is, they become responsible for part payment.

Parent topic: Declared value vehicles