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What is coinsurance? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

This is often seen on large commercial projects involving lender financing. Generally, it means the risk a certain transaction or set of transactions is shared by more than one insurance company. Coinsurance may be essential in large and/or complicated real estate transactions. Also, coinsurance may help limit a lender’s potential risk exposure and permit him to offer lower loan interest rate. Often, a lender’s demand for coinsurance may have originated from underwriter inquires. Complicated transactions may often take more time to complete which only increases the chances of something going horrible wrong. Parties should read the insurance policies and/or binders to figure out their liability exposure. Also, it may or may not be common, for parties to try to negotiate better prices and/or coverage expansion. Parties should be aware of what is insured by which insurance company; the practical application, being to avoid paying for the same coverage twice. Another feature of coinsurance, when dealing with a bank, is that there is often a requirement, to make the lender a part of the insurance contract. Coinsurance premium payment are often paid monthly and weekly.

 

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