SECTION 3 - COINSURANCE

1. Coinsurance is a transaction where each coinsurer assumes a designated portion of the liability of the total risk from the first dollar and is liable for only such portion of any loss. Each coinsurer shall then issue a policy in the amount of the liability it assumed.
   
   
2. Joint and Several Liability is coinsurance in which the liability for a designated amount of loss or damage from first dollar is assumed jointly and severally among the coinsurers.

Whenever joint and several liability is requested, the TIRSA Joint and Several Liability Endorsement will be issued and each coinsuring company shall charge an additional premium which shall be at the rate of $1 per $1000 of the total amount of insurance for which the joint and several liability shall apply.