The California FAIR Plan has increased commercial coverage limits and is now offering a commercial high value policy for condominiums, farms, wineries and other businesses in the state that cannot find insurance through the voluntary or excess and surplus insurance markets.
Related: California OKs Increase in FAIR Plan Commercial Property Coverage Limits
The action increases the FAIR Plan’s commercial property coverage limits to $20 million per building, with a total $100 million maximum limit per location.
Last year, the FAIR Plan and the California Department of Insurance approved an agreement requiring the FAIR Plan to offer the commercial high value policy for three years.
In March, Lara announced the approval of the FAIR Plan’s commercial filing to increase property coverage limits for high-value commercial properties.
Topics California Commercial Lines
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