retained liabilities: Die Vers. zahlt erst zu, wenn der Versicherte den vereinbarten Sockelbetrag gezahlt hat.
deductibles: Die Vers. kommt erst einmal für den gesamten Schaden auf, holt sich den vereinbarten Betrag dann aber vom Versicherten zurück
No one pays for insurance that will cover every single dollar of liability – that’s far too expensive. Every policy holder keeps some risk. That risk is either “kept” in the form of a deductable amount or as a Self-Insured Retention (SIR). These are not interchangeable terms.
When an insurance policy has a deductible, the insurance company will pay the entire claim and then seek repayment for the deductible from its insured. The amount of the deductible is immaterial. By the way, this means that a $1MM policy with a $50,000 deductible really provides only $950,000 of coverage though it will pay up to the face amount to a claimant.
In sharp contrast, where the policy has an SIR, the amount of which is called a “Retained Limit,” the insurance carrier doesn’t ever wake up, isn’t even obligated until its policy holder pays the Retained Limit.
http://www.retailrealestatelaw.com/2011/09/sir-vs-deductible...
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