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California Commissioner And FAIR Plan Agree To Increase Commercial Coverage
- By:
- On: 03/30/2023 13:25:08
- In: Latest News
California Insurance Commissioner Ricardo Lara and the California FAIR Plan Association agreed to more than double its existing commercial coverage limits to $20 million for businesses unable to find coverage in the normal insurance marketplace.
Lara and the FAIR Plan have been working on this issue since the commissioner's investigatory hearing into the FAIR Plan. The agreement signed by Lara and FAIR Plan President Victoria Roach will increase the combined coverage limits for the FAIR Plan, under its Division I Commercial Property Program, from $8.4 million to $20 million per location and, under its Division II Businessowners Program, from $7.2 million to $20 million per location.