The California FAIR Plan Association is offering increased commercial coverage of up to $20 million per location.
Prior to the adjustment, the maximum limits for commercial coverage were $8.4 million per location. Business owners policy property coverage limits will also increase to $20 million, effective December 14.
There are no additional underwriting requirements for these increased limits, and no additional documentation beyond the previous requirements for commercial applications and endorsements is needed to obtain coverage at the increased limits, according to the FAIR Plan.
As of September 2023, the FAIR Plan had 330,101 policies in force, representing a nearly 21% increase since the beginning of 2023.
Topics Trends California Commercial Lines Business Insurance
Was this article valuable?
Here are more articles you may enjoy.
Chubb Q3 Net Income Down Slightly on More Catastrophe Losses 
Fisherman Killed by 12-Foot Alligator at Central Florida Lake 
How One Hacker Used AI Agents, a Few Thousand Dollars to Break Into Websites 
All in the Family: Husband, Wife and Daughter Indicted for Insurance Fraud and Bribery From This Issue
