1 Self-Insured Retention v. Deductible: What is the Difference, and Why It Can Matter
- Author: belldavispitt.com
- Published Date: 04/08/2022
- Review: 4.95 (640 vote)
- Summary: · In contrast, a self-insured retention (“SIR”) is a specific amount of loss that is not covered by the policy, but instead must be borne by the
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2 Acquisition and Retention – Insurance – LexisNexis Risk Solutions
- Author: risk.lexisnexis.com
- Published Date: 07/26/2022
- Review: 4.68 (244 vote)
- Summary: Acquisition and retention insurance solutions with advanced analytics such as predictive models and proprietary linking help target the right prospects
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3 Risk Retention Groups – NAIC
- Author: content.naic.org
- Published Date: 01/23/2022
- Review: 4.39 (319 vote)
- Summary: · RRGs allow businesses with similar insurance needs to pool their risks and form an insurance company that they operate under state regulated
- Matching search results: Another topic discussed by the Task Force was the impact and effectiveness of the recently adopted FAQ document about the registration and regulation of RRGs in non-domiciliary states, the “Best Practices – Risk Retention Groups” document; and the …
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4 Self-Insured Retention: What it is and How it Works – Harris Insurance
- Author: hisnv.com
- Published Date: 01/31/2022
- Review: 4.35 (502 vote)
- Summary: · The self-insured retention (SIR) is an option as well, and firms often use it along with various insurance policies
- Matching search results: Most businesses often confuse insurance policies with the self-insured retention provision with those with the provision of deductibles. In the latter case, the insurer takes care of the indemnity and defense costs that are part of the claim. The …
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5 Liability Deductible vs. Self-Insured Retention (SIR)
- Author: thebalancemoney.com
- Published Date: 05/03/2022
- Review: 4.15 (522 vote)
- Summary: · Liability deductibles and self-insured retentions are often used in commercial casualty insurance. Both are types of self-insurance
- Matching search results: Most businesses often confuse insurance policies with the self-insured retention provision with those with the provision of deductibles. In the latter case, the insurer takes care of the indemnity and defense costs that are part of the claim. The …
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6 What is Retention Limit? Definition of … – The Economic Times
- Author: economictimes.indiatimes.com
- Published Date: 07/11/2022
- Review: 3.8 (332 vote)
- Summary: Definition: The maximum amount of risk retained by an insurer per life is called retention. Beyond that, the insurer cedes the excess risk to a reinsurer
- Matching search results: Most businesses often confuse insurance policies with the self-insured retention provision with those with the provision of deductibles. In the latter case, the insurer takes care of the indemnity and defense costs that are part of the claim. The …
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7 Excess Liability Insurance – Victor Insurance Managers Inc
- Author: victorinsuranceus.com
- Published Date: 12/09/2021
- Review: 3.76 (300 vote)
- Summary: Excess Liability Insurance for Self-Insured Retention and Primary Insurance Programs. Although most public entities buy primary insurance or participate in
- Matching search results: Most businesses often confuse insurance policies with the self-insured retention provision with those with the provision of deductibles. In the latter case, the insurer takes care of the indemnity and defense costs that are part of the claim. The …
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8 Satisfying Policy Retentions or Deductibles With Other People’s Money
- Author: calfee.com
- Published Date: 09/27/2022
- Review: 3.55 (201 vote)
- Summary: · For example, an insured might tender a lawsuit against it to two different insurance policies. One policy might have no deductible, but fairly
- Matching search results: When faced with this demand, an insured should not hastily cave to its insurer’s insistence that the insured satisfy the retention with its own dollars. Instead, savvy insureds should carefully analyze the language of the policy’s deductible or …
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9 Insurance Policy Record Retention – Schauer Group
- Author: schauergroup.com
- Published Date: 01/21/2022
- Review: 3.2 (572 vote)
- Summary: Schauer Group recommends the following plan of action to ensure that you remain in compliance with your insurance recordkeeping. Records Retention Program. The
- Matching search results: Employee benefits are regulated by the Employee Retirement and Income Security Act of 1974 (ERISA). In Section 107, the Act contains a general records retention regulation that applies to any plan that falls under the ERISA. The regulation requires …
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10 Retention And Preservation of Insurance Policies
- Author: tdslaw.com
- Published Date: 11/05/2021
- Review: 3.05 (453 vote)
- Summary: · However, documents relating to insurance coverage should be preserved at all costs, since lost or destroyed insurance records can have
- Matching search results: Employee benefits are regulated by the Employee Retirement and Income Security Act of 1974 (ERISA). In Section 107, the Act contains a general records retention regulation that applies to any plan that falls under the ERISA. The regulation requires …
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11 Retentions, deductibles & excesses explained – Bellrock Broking
- Author: bellrock.com.au
- Published Date: 03/21/2022
- Review: 2.94 (51 vote)
- Summary: · Secondly, a retention enables an insured to obtain insurance at a cheaper premium than it otherwise would be able to. As the amount of the
- Matching search results: Employee benefits are regulated by the Employee Retirement and Income Security Act of 1974 (ERISA). In Section 107, the Act contains a general records retention regulation that applies to any plan that falls under the ERISA. The regulation requires …
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12 Insurance 101: what’s a retention? – Founder Shield
- Author: foundershield.com
- Published Date: 04/27/2022
- Review: 2.85 (100 vote)
- Summary: · In insurance, the word retention is always related to how a company handles its business risk. When you ‘retain’ risk, it usually means
- Matching search results: The carrier is asking you to “retain” some of the risk in the form of a small amount of self-insurance. The amount they ask you to retain depends on who you are and what insurance you’re buying. A startup’s fiduciary liability policy is considered …
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13 What is retention? | Reinsurance tutorials #37 – Blog
- Author: blog.ccr-re.com
- Published Date: 07/29/2022
- Review: 2.64 (114 vote)
- Summary: · Retention is the amount of insurance liability (in pro rata, for participation with the reinsurer) or loss (in excess of loss, for indemnity
- Matching search results: The carrier is asking you to “retain” some of the risk in the form of a small amount of self-insurance. The amount they ask you to retain depends on who you are and what insurance you’re buying. A startup’s fiduciary liability policy is considered …
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14 Application of Retention Definition – Investopedia
- Author: investopedia.com
- Published Date: 09/25/2022
- Review: 2.6 (146 vote)
- Summary: Application of retention is an insurance policy clause specifying what portion of any potential damages will need to be paid for by the policyholder
- Matching search results: The carrier is asking you to “retain” some of the risk in the form of a small amount of self-insurance. The amount they ask you to retain depends on who you are and what insurance you’re buying. A startup’s fiduciary liability policy is considered …
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15 Retention Limits – Workers’ Compensation Reinsurance Association
- Author: wcra.biz
- Published Date: 11/05/2021
- Review: 2.52 (136 vote)
- Summary: A retention limit is similar to an insurance deductible dollar amount. Members select a retention limit, with a corresponding premium rate,
- Matching search results: The carrier is asking you to “retain” some of the risk in the form of a small amount of self-insurance. The amount they ask you to retain depends on who you are and what insurance you’re buying. A startup’s fiduciary liability policy is considered …
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16 Insurance Retention Definition – Budgeting Money – The Nest
- Author: budgeting.thenest.com
- Published Date: 09/15/2022
- Review: 2.32 (115 vote)
- Summary: · An insurance retention is similar to a deductible, and the two words are often used interchangeably. Technically, you pay a retention
- Matching search results: The carrier is asking you to “retain” some of the risk in the form of a small amount of self-insurance. The amount they ask you to retain depends on who you are and what insurance you’re buying. A startup’s fiduciary liability policy is considered …
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17 Retention | Insurance Glossary Definition – IRMI.com
- Author: irmi.com
- Published Date: 03/20/2022
- Review: 2.29 (161 vote)
- Summary: A dollar amount specified in a liability insurance policy that must be paid by the insured before the insurance policy will respond to a loss
- Matching search results: The carrier is asking you to “retain” some of the risk in the form of a small amount of self-insurance. The amount they ask you to retain depends on who you are and what insurance you’re buying. A startup’s fiduciary liability policy is considered …
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18 Can You Name The Three Types of Retention in Insurance?
- Author: useindio.com
- Published Date: 02/09/2022
- Review: 2.18 (103 vote)
- Summary: In this episode of The Digital Broker Podcast, Ryan Deeds examines retention and its influence on the growth of an insurance agency, and why it is important
- Matching search results: But retention is challenging. The term “retention” alone is vague and simplistic, suggesting that there is a single way of looking at retention in general. The truth is that there are at least three different types of retention in insurance—customer …
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19 What Is Self-Insured Retention Insurance?
- Author: advisorsmith.com
- Published Date: 06/08/2022
- Review: 2.02 (184 vote)
- Summary: In contrast to deductibles, Self-Insured Retentions put much of the management of your claims in your own hands. SIR Insurance policies are popular with mid- to
- Matching search results: If you don’t have a capable employee or outside business to handle your claims, you should choose a high-deductible policy instead of SIR insurance. Businesses with fewer than 10 people, or who have never successfully negotiated an insurance claim …
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20 Manage Your Risk with Self-Insured Retention Programs
- Author: brunswickcompanies.com
- Published Date: 08/21/2022
- Review: 2.03 (150 vote)
- Summary: How Do SIRs Work? An insurance policy written with a self-insured retention program has reduced premium costs and places the responsibility for claims handling,
- Matching search results: If you don’t have a capable employee or outside business to handle your claims, you should choose a high-deductible policy instead of SIR insurance. Businesses with fewer than 10 people, or who have never successfully negotiated an insurance claim …
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21 Aon | Professional Services Practice The risk retention series: How should your retention be structured? Helping professional service firms optimize retentions applied to their insurance coverages
- Author: aon.com
- Published Date: 06/03/2022
- Review: 1.95 (161 vote)
- Summary: Coinsurance or quota share retention is employed when the insured wishes to participate in the risk alongside the insurers. It is most often used in primary
- Matching search results: Excess layer retention, discussed above, essentially forces the insured to retain a portion of the upper layers of an insurance tower, is not recommended as a proactive retention strategy. The upper layers will have a significantly lower premium …
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22 What Is A Self Insured Retention?
- Author: alignedinsurance.com
- Published Date: 05/22/2022
- Review: 1.88 (90 vote)
- Summary: Insurance retention means that you, as an insured company, will be responsible for paying claims against you up to a certain dollar amount. For claims that go
- Matching search results: Self-insured retention on an umbrella policy is used when the umbrella policy kicks in to cover gaps in the underlying policy. Using the above example, let’s say for the sake of argument that your CGL policy doesn’t cover slip-and-fall accidents …
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