Retention, or self-insured retention (SIR) is the amount of loss the insured (policyholder) must incur before insurance coverage takes effect. In other words, the insured is responsible for covering or paying for all losses, damages, and expenses up to the retention amount, after which the insurer begins making payments. Consequently, you can think of a retention as the risk that you retain (hence the term “retention”).
A similar insurance concept is a “deductible,” used commonly in home owners, renters, and car insurance policies. However, although the purpose is the same, there are subtle differences.
Do also note that retentions may differ between insuring agreements. In the event of a claim, the highest applicable retention applies. If you have any questions about retentions, don’t hesitate to contact us.
If you become aware of an incident or circumstance that could give rise to a claim, please immediately submit a claims notification within the policyholder dashboard or call us at 1.833.866.1337. Our team of claims and incident response experts are ready to provide immediate assistance and reduce the likelihood of an even greater loss.
Submitting, tracking, and supporting a claim should be easy. And that’s why we allow you to manage everything online.
You can submit and monitor the status of claims within your dashboard. You can also easily upload relevant documentation, screenshots, and other information at any time in support of a claim.
It’s that easy.