How does a self-insured retention (SIR) differ from a standard deductible in a commercial insurance policy?
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A
An SIR requires the insured to defend and pay claims up to the retention before insurer involvement, while a deductible typically involves the insurer advancing defense costs
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B
An SIR is always larger than a deductible
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C
A deductible applies only to property losses, while an SIR applies only to liability losses
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D
An SIR is paid after the policy limit is exhausted, while a deductible is paid first