Definition

1. Verb:
   • To take out coinsurance: To jointly insure something with another party or parties, sharing the risk and coverage of an insurance policy.

Usage

• The verb "coinsure" specifically describes the action of obtaining a coinsurance arrangement. It is typically used in financial, legal, and insurance contexts.
• It is a transitive verb, often followed by the object being insured (e.g., a property, asset).

Examples

• Verb:
  • The two companies decided to coinsure the large commercial property to mitigate individual risk.
  • As per the contract, they must coinsure the shipment against all potential damages.

Advanced Usage

• "To coinsure with": To enter into a coinsurance agreement alongside another specific entity.
  • The bank required the business to coinsure the loan collateral with a reputable insurer.

Variants and Related Words

• Coinsurance (n): The system or contract of insuring something jointly.
  • The policy includes a 20% coinsurance clause.
• Coinsurer (n): A party that shares in providing insurance under a coinsurance agreement.
  • Each coinsurer is liable for a portion of the claim.

Synonyms

• Jointly insure: To share insurance coverage and liability with others.

Notes

• "Coinsure" is a specialized term. Do not confuse it with "reinsure," which involves an insurer transferring portions of risk to another insurer.
• The concept often involves a specific percentage of value that the policyholder must insure to receive full coverage for a claim.

Verb

1. take out coinsurance