A dollar amount specified in a liability insurance policy that must be paid by the insured before the insurance policy will respond to a loss. Thus, under a policy written with a SIR provi [..]

In an umbrella policy, this is a deductible that applies to liability losses not covered by other underlying policies.

See Deductible.

In umbrella insurance, self-insured retention is similar to a deductible in other types of insurance. The self-insured retention is the amount of damages for which the policyholder is responsible befo [..]

 In umbrella insurance, self-insured retention is similar to a deductible in other types of insurance. The self-insured retention is the amount of damages for which the policyholder is responsible bef [..]

Threshold(s) on an annual basis that must be met before coverage will be applied.

Similar to a deductible except that until the SIR is exhausted the insured will generally be responsible for performing the loss adjustment functions that would otherwise be undertaken by an insurance company. For umbrella liability, the SIR is the amount the insured is obligated to pay for claims when there is no underlying insurance.

(a) Amount of risk a self-insurer agrees to assume. (b) On Umbrella Liability Insurance Policy, that amount to be assumed by insured before policy will pay.

See Retention.

The portion of a risk or potential loss assumed by an insured. It may be in the form of a deductible, self-insurance or no insurance. Also called a retained limit in some policies.

Acts like a deductible but is usually a much larger amount than a typical deductible. Essentially, this is the part of a loss financed by the insured.

Acts like a deductible but is usually a much larger amount than a typical deductible. Essentially, this is the part of a loss financed by the insured.