Self-Insured Retention (SIR) allows the insured to be involved in the management and control of the investigation and settlement of their claims … from initiation to defense and on to ultimate resolution, the insured is the decision maker. International Risk Resources works with the insured to direct claims and strategy in keeping with insurance guidelines and practices.
SIR is often incorrectly referred to as a “big deductible”. This couldn’t be more untrue. Not only are SIRs available in varying limits, but they are fundamentally opposite in their execution. Both represent an amount for which the insured is responsible on a claim before the insurance “kicks in”, but the similarities end there.
- Deductible – the insurance company adjusts and settles your claims, including the portion that is your responsibility (deductible amount). Then send you a bill for your deductible. You were not consulted and your interests were not considered.
- Self Insured Retention – the insured, through International Risk Resources, adjusts and settles claims without the involvement of the insurance company. If a claim begins to exceed the insureds responsibility, we notify the carrier and eventually turn it over to them. Claims that did not involve the insurance company, remain unknown to them…and off of your loss history. The benefits to the insured are numerous; offer a settlement? pursue deeper investigation?
Contact us for more information.