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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.
What else can I help you with?
Is SIR insurance?
"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.
WHEN health insurance deductible?
WHEN WHEN when is health insurance deductible paid when? When?
Is there a deductible on comprehensive auto insurance?
Yes. Most insurance companies do have a deductible for this kind of insurance. Most deductibles are 500. This can be a normal charge for a deductible.
What is deductible for?
When you have a deductible in your plan, before your insurance starts paying for the coverage, you have to meet the deductible after which the insurance starts paying its portion.
What is a deductible in auto insurance?
A deductible in any kind of insurance is, basically, the minimum amount before the insurance "kicks in." On any repairs covered by your insurance, you will have to pay the deductible amount before the insurance will pay anything.
What is a premium for auto insurance?
Your premium is pretty much your monthly bill, after deciding what type of deductible you plan on choosing. The higher deductible the lower your premium will be.
Do you have to pay deductible if it was vandalism?
Whether you have to pay a deductible for vandalism on your insurance policy depends on the terms of your specific policy. Some policies have a separate deductible for vandalism, while others may waive the deductible for this type of claim. Check your policy documents or contact your insurance provider to determine if a deductible applies in your situation.
Does State Farm offer collision insurance?
State Farm does offer collision insurance to customers. State Farm requires a deductible for this type of insurance.
What kind of insurance is tax deductible?
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.
What happens if you cannot afford the homeowners insurance deductible?
Normally when you buy a house, you will be required to get home owner's insurance and pay a deductible. If you can pay the deductible, you may lose your homeowners insurance.
What are my options for Low Deductible Insurance?
A low deductible insurance policy simply means that, a low deductible, possibly $200 as compared to $2,000 which would be a high deductible. Often you are also given the option of choosing 80, 90 or 100% co-insurance. Co-insurance is the amount that the insurance company pays (after deductible) up to whatever is the maximum out of pocket amount.
What is the earthquake insurance deductible for my policy?
The earthquake insurance deductible for your policy is the amount you have to pay out of pocket before your insurance coverage kicks in.
