MLchartDataset catalogue

Coinsurance provision

Term · Insurance and risk management · MLC-T-INS-000807

A clause in property insurance policies that requires the insured to maintain coverage equal to a specified percentage of the property's value, typically 80% or 90%. If the insured fails to meet this requirement at the time of loss, the insurer will only pay a proportionate share of the loss, even if the loss is less than the policy limit. This encourages adequate insurance to value.

Table 1. Record
IdentifierMLC-T-INS-000807
FieldInsurance and risk management
SubjectCommercial Property
Record as JSON 
{
  "id": "MLC-T-INS-000807",
  "term": "Coinsurance provision",
  "field": "Insurance and risk management",
  "definition": "A clause in property insurance policies that requires the insured to maintain coverage equal to a specified percentage of the property's value, typically 80% or 90%. If the insured fails to meet this requirement at the time of loss, the insurer will only pay a proportionate share of the loss, even if the loss is less than the policy limit. This encourages adequate insurance to value.",
  "subject": "Commercial Property",
  "url": "https://mlchart.com/terminology/insurance/coinsurance-provision/"
}

Record 606 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.