Self insured retention an alternative to the insurance deductible a self insured retention sir can be a money saving insurance tactic for many growing businesses. As premiums increase in the commercial habitational sector an increasing number of organizations seek alternatives to reduce insurance costs.
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For example a business owner asks his insurer to enroll his firm in a small deductible plan so he can lower the premium on his workers compensation policy.
Insurance deductible retention. A deductible or self insured retention sir may be added a policy via an endorsement at the insured s request. In the same scenario in a deductible plan your total limit of liability would also be 10 million but 9 million of it would be available from the insurer and you would be responsible for the initial 1 million. A retention deductible is a clause in an umbrella insurance policy which declares that the deductible will apply for losses for which there is no underlying policy that provide coverage for the specific loss.
The specific umbrella policy will dictate exactly how much money the policyholder will have to spend on the deductible. The sir can be one tactic. Under a deductible the annual aggregate limit is usually eroded by the amount of the deductible.
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