What does Self Insured Retention mean? Read on to discover the definition & meaning of the term Self Insured Retention - to help you better understand the language used in insurance policies.
Self Insured Retention
(SIR) is the 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.
We hope the you have a better understanding of the meaning of Self Insured Retention.