self-insurance

American  

[self-in-shoor-uhns, self-] / ˈsɛlf ɪnˈʃʊər əns, ˌsɛlf- /

noun

1. insurance of one's property or interests against possible loss by the establishing of a special fund for the purpose instead of seeking coverage with an underwriter.

---

self-insurance British  

noun

1. the practice of insuring oneself or one's property by accumulating a reserve out of one's income or funds rather than by purchase of an insurance policy

---

Etymology

Origin of self-insurance

First recorded in 1895–1900

Example Sentences

Ryther has served on the boards of both the SafeSport Center and USA Swimming, and also of swimming’s offshore self-insurance subsidiary, the United States Sports Insurance Company, which was created to ward off abuse lawsuits.

From Salon

The Caribbean island nation of Barbados — home of swimming’s captive self-insurance subsidiary, the United States Sports Insurance Company — was key.

From Salon

For damages beyond these limits, all sequestration sites in the jurisdiction would pitch in via a form of pooled industry self-insurance, again up to a specified limit.

From Science Daily

If approved, Bellevue will pay using the city’s general self-insurance fund.

From Seattle Times

But the need to earmark funds for self-insurance ties up money on the balance sheets of coal companies and could leave them vulnerable to large costs when something goes wrong, industry analysts say.

From Reuters