|Have you ever wondered what
the coinsurance clause on your policy means?
Co-insurance may well be one of the most confusing
and misunderstood terms in insurance.
According to the independent Insurance Agents of
America, most business policies include a "coinsurance" clause, determining what
percentage of the value of your property must be insured in order to be fully
reimbursed for a loss.
To determine how much to pay on the claim, the insurer divides the amount of insurance you purchased ($80,000) by the amount you should have purchased (80% of $150,000 or $120,000). The result (two-thirds, or $40,000) is the amount of your claim the insurer will pay.
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