Has the insured nailed it?

When amateurs administer their insurance claims, the result can be a ‘failure’ since there are no policies for self-insured retentions. (Photo: Yuriy Golub/Shutterstock)

If Pinterest has taught us anything, it is that failures can be funny. “Pinterest fail” is a common phrase, which references our flops — often in a self-deprecating, loving way. Netflix’s show “Nailed It!” features every day, hapless home bakers attempting to recreate pastries that would make professionals walk out of the kitchen muttering under their breaths. Inspired by the ‘nailed it’ meme on Pinterest, the show highlights amateur bakers who can barely make edible cakes.

Unfortunately, when amateurs administer their insurance claims, the results could end up as ‘failures.’ There is no insured because there is no insurance policy for self-insured retentions (SIRs). The insurance client, generally a business with a well-developed risk management department, is the insured since liability claims are brought against it by a third-party claimant.