California Insurance Commissioner Ricardo Lara approved a filing from the California FAIR Plan Association to increase commercial property coverage limits.
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The approval increases the FAIR Plan’s Division I Commercial Property coverage limits to $20 million per building, with a total $100 million maximum limit per location.
The FAIR Plan must make these new coverage limits available to all eligible applicants for both new and renewal policies within 120 days from today’s approval date.
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The expansion of limits aligns with a legal agreement reached in 2024 between Lara and the FAIR Plan, requiring the FAIR Plan to offer this broader commercial coverage while improving its transparency and financial stability.
Topics Trends California Commercial Lines Business Insurance Property
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