self-insured retention (SIR)

  

Definition

Amount specified usually in a liability insurance policy that the insured must pay before the insurance company (insurer) pays. Unlike a deductible (which the insured pays to the insurer), SIR is paid directly to the claimant by the insured.

Use this term in a sentence

  • Given the lack affordability that currently exists in the workers compensation insurance marketplace, the best option available included a self-insured retention obligation.

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  • We've set the self-insured retention amount to one hundred dollars, which should be sufficient for any foreseeable incidents occurring in the new inner city fast-food franchise we've just opened.

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  • When considering a liability policy, the consumer must look for the self-insured retention amount to ensure it is feasible for them to cover such a cost with the assets they have available.

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