Claims which have been provisionally advised by the Insured(s), but which are in the process of investigation and thus have not been settled.
Claims which have been provisionally advised by the Insured(s), but which are in the process of investigation and thus have not been settled.
The portion of a loss that you are required to pay before your insurance coverage will respond. Also known as a SIR: Self-Insured Retention. Deductibles can be used to reduce your physical damage premiums. For example, if you owned a policy with a $200 deductible and you suffered a covered loss totaling $1,000, you would pay the first $200 and the Insurance Company would pay the remaining $800. If the loss were only $200, you would pay the entire amount and the Insurance Company would pay nothing.