Co-insurance

Co-insurance shares one policy directly between insurers, each taking a percent of the risk. One insurer leads: it issues the policy, collects the premium and handles the claims for everyone.

Leading a co-insurance

Reinsurance > Co-insurance > Set up co-insurance, choose the policy, We lead, our share, our handling fee on the others' premium, and each co-insurer with its share. Our share and theirs must add up to 100%.

From then on:

• the policy is billed and paid in full, as usual;
• each premium (including what was already written), endorsement and cancellation books each co-insurer's share, less our fee;
• each claim payment books each co-insurer's share of it, to be recovered from them;
• reinsurance covers our share only: premium already ceded is re-allocated.

Allocation shows the split between us and each co-insurer: premium, fees and claims.

Statements to co-insurers are drawn up under Reinsurance > Statements and accounts, choosing Co-insurance: their premium, less our fee, less their claims. Settle them as for reinsurers.

Following

When another insurer leads, choose We follow, our share and the lead insurer. Record the policy at our share of the premium and sum insured; nothing is passed on to others.