California Insurance Commissioner Ricardo Lara on Friday approved the FAIR Plan to offer new commercial coverage for farm structure risks starting Feb. 1.
The FAIR Plan is an association made up of all admitted insurance companies to be the state’s property “insurer of last resort.”
Passed in July, SB 11 amended the California Insurance Code to allow the FAIR Plan to provide basic property insurance for permanent structures on farms used primarily to produce commercial agricultural commodities or livestock.
California’s farmers, ranchers, and vintners, among other agricultural businesses, live and work in more rural, outlying areas that may be vulnerable to wildfires.
The new offerings make having more and better options for insurance coverage critical to these businesses’ ability to operate and thrive in their communities, as California Department of Insurance data shows that some agricultural businesses have been left without coverage by insurance companies, according to the department.
Related:
- California Commissioner Orders FAIR Plan to offer More Commercial Coverage
- California FAIR Plan to Appeal of Court’s Ruling on Expanded Coverage
- California FAIR Plan Files to Offer Property Coverage to Farms
Topics California Agribusiness
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