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What is Coinsurance?

Many commercial property policies contain a coinsurance clause. This clause imposes a penalty when a policyholder suffers a partial loss and has failed to purchase an adequate limit of insurance. In property insurance , coinsurance is based on the concept of insurance to value, meaning the ratio of your limit of insurance to the value of your insured property. For example, suppose that you own a small office building. Coinsurance clauses encourage businesses to buy adequate insurance. Most property insurance claims involve partial losses. If coinsurance clauses did not exist, many policyholders would try to save money on premiums by insuring their property for only a portion of its value.

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Are Driving Examiners Racist & Sexist - DTC Driving Test UK

However, in more serious cases the fine may be an unlimited amount, and the offending driver may be banned or disqualified from driving altogether. Ultimately, police also have the power to seize, and even destroy, the vehicle driven by an uninsured driver. Given all of that, is it worth driving another car without a second thought? Absolutely not. This is the obvious starting point. In some cases, if a car insurance policy does have DOC, the level of cover might reduce. In fact, not only is daily insurance available, short term cover can start from just one hour.

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Customer Service: Insurance Organizations' Competitive Differentiator

You have the choice to report your insurance claim directly to the insurance company or through Bankers. If during non-business hours, we recommend reporting directly to your insurance company. If you have questions, please give us a call at Mobile App: If reporting a claim during non-business hours, we will process your claim on the next business day. Submit an Insurance Claim Need to report an insurance claim?

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