If the "co-signer" is signing the note then they become directly liable for the debt. The Notice to Co-signer even tells them that the debt can be collected from them without the creditor fist trying to collect from the borrower.
Based on that I would say they are covered, or at least I would treat them as covered. If they are a guarantor, signing a separate guaranty agreement, then I would look at Andy's logic to determine when they become liable and only your guaranty agreement can answer that question.
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The opinions expressed are mine and they are not to be taken as legal advice.