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.
Atlantic Hurricane Season Forecast Milder Than Normal Thanks to El Nino 
US P/C Insurers Post Biggest Q1 Underwriting Profit in 25 Years 
Acrisure to Cut 2,250 Employees, Citing Advances in Technology and AI 
Florida Court Says 2020 Law Gives ‘Very Broad’ Liability Immunity to Rideshare Firms From This Issue
