California’s FAIR Plan will now Offer Commercial Insurance

The California FAIR Plan expanded into commercial lines on July 1st. It will now be the insurer of last resort for those with farms and condos unable to get regular insurance coverage.

Two reasons. The first is in 2023 when California Insurance Commissioner Ricardo Lara ordered the FAIR Plan to increase commercial property coverage limits it offers to businesses. The second is the passage of Senate Bill 505 what expanded the FAIR Plan to include commercial policies.

In 2023 the FAIR Plan started offering commercial coverage up to $20 million per location.

Source link: Insurance Journal —

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