"SIR" is short-hand for "Self Insured Retention" which is very similar to a "deductible". Basically, it is the amount that the insured must pay before the insurance policy is triggered.

It is most often referred to as a "Self Insured Retention" or "SIR".

SIR stands for self insured retention. It is a deductible applied to some liability policies. The term deductible is used for insurance that covers property losses, such as the insurance that would replace your house if it burned down. Retention is a term that refers to liability insurance, insurance that pays on your behalf if your negligance caused someone else to suffer a loss.

Certain liability policies,such as umbrella policies and professional liability policies require the insured to, under certain circumstances, pay for part of the loss. The self insured retention is paid by the insured before the insurance company pays for the remainder of the loss. On umbrella liability policies the self insured retention applies to losses that are not covered by underlying, primary liability policies. On professional liability policies, the self insured retention applies to all losses, and is a way for the insured to lower their premiums by retaining the risk of losses up to a certain amount.

The same as a deductible

Risk retention refers to the ability to accept risk and or can be referred to as risk taking, however self insured refers to a situation when someone is very much hopeful