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Deductible vs. Self Insured Retention (SIR): What's The Difference?

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Rob Freeman | Securing The Built Environment

https://robfreeman.com Most people have heard of a deductible in insurance, but may not have heard of a selfinsured retention… A selfinsured retention is similar to a deductible in that both are designed to align the interests of the insured with the insurer, to minimize claims by getting the insured to have some skin in the game in the event of a claim. However, the two are different in a few ways.

The following are five differences between a selfinsured retention and a deductible.

Reimbursement vs. out of pocket expenses
Erosion of limits
Defense costs
Collateral requirements
COI requirements

posted by Bogliotti1k