SELF-INSURED RETENTION

SELF-INSURED RETENTION

self-insured retention. Insurance. The amount of an otherwise-covered loss that is not covered by an insurance policy and that usu. must be paid before the insurer will pay benefits (the defendant had a $1 million CGL policy to cover the loss, but had to pay a self-insured retention of $100,000, which it had agreed to so that the policy premium would be lower). ¡ª Abbr. SIR. Cf. DEDUCTIBLE. [Cases: Insurance 2283.]
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Carl, Chinese legal translator, specializes in translating legal documents pertaining to complex business disputes.