As a maritime business owner, your day-to-day focus is on managing and growing your business. Understandably, thinking about and understanding the nuances of your insurance coverage is not likely to be among your top priorities. However, what if the unthinkable happens and your docks and piers are seriously damaged? A review of the damage with your insurance claim adjuster will likely lead to discussions of “coinsurance percentage,” “coinsurance penalty” and “insured to value.” While these aren’t terms you’ll use very often, it’s important to understand how coinsurance works, especially since a misunderstanding can impact how much you receive on an insurance claim versus how much you anticipated receiving.