California Insurance Commissioner Ricardo Lara approved a filing from the California FAIR Plan Association to increase commercial property coverage limits.
Related: New Fire Maps Put Nearly 4M Californians in Hazardous Zones
The approval increases the FAIR Plan’s Division I Commercial Property coverage limits to $20 million per building, with a total $100 million maximum limit per location.
The FAIR Plan must make these new coverage limits available to all eligible applicants for both new and renewal policies within 120 days from today’s approval date.
Related: Insurer Payouts Now at $12B for LA Wildfires, Report Shows
The expansion of limits aligns with a legal agreement reached in 2024 between Lara and the FAIR Plan, requiring the FAIR Plan to offer this broader commercial coverage while improving its transparency and financial stability.
Topics
Trends
California
Commercial Lines
Business Insurance
Property
Was this article valuable?
Here are more articles you may enjoy.
Interested in Business Insurance?
Get automatic alerts for this topic.
Leave a Reply