coinsurer
/koʊˈɪnʃʊrər/
noun
- A person or company that shares the risk of an insurance policy with another insurer, each covering a portion of the potential loss.
- The two insurance companies acted as coinsurers on the large shipping contract.
- The building was so valuable that the owner had to find a coinsurer to split the risk.
- When a single insurer cannot cover the full amount, a coinsurer steps in to share the liability.