California’s FAIR Plan Steps Up — Commercial Coverage Limits Increased

California businesses forced to insure through the California FAIR Plan got a boost last week. Maximum limits have been increased to $20 million per location. That’s a huge increase from the $8.4 million currently in place.

The increase takes effect on December 14th.

In addition to the large jump in coverage, businesses will not see any changes to underwriting requirements, and no additional documentation will be required. All requirements and endorsements remain the same.

As of September of this year, the FAIR Plan insured 330,101 businesses. That’s a 21% rise since the beginning of 2023.

Source link: Insurance Journal —

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