California's last-resort home insurer is getting a $1 billion bailout. Homeowners could be on the hook for some of the bill.
The bailout will be funded by the state's private insurers, but a new rule says they they can pass up to half of the cost on ...
insurancebusinessmag1d
Revealed - insurers may recover up to half of $1B California FAIR Plan assessment
California property and casualty insurers may recover up to half of the $1 billion California FAIR PLAN assessment through a ...
California’s FAIR Plan gets $1 billion bailout after L.A. fires
California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out ...
The New York Times4d
California’s High-Risk Insurer Gets $1 Billion Bailout After L.A. Fires
State regulators said Tuesday that they will allow the program, known as the FAIR Plan, to collect $1 billion from private insurance companies doing business in California to pay its claims.
The Business Journals3d
California bails out FAIR Plan with $1 billion assessment in wake of LA fires
In the wake of the Los Angeles fires, the California FAIR Plan, the state's property insurer of last resort, requested approval for $1 billion from the California insurance commissioner, which he ...
insurancebusinessmag1d
'It's a massive cleanup effort': FAIR Plan's wildfire surge sparks industry-wide alarm
“The FAIR Plan is suitable as the insurer of last resort,” he said, adding that while it provides coverage, it comes with ...
The Business Journals3d
California bails out FAIR Plan with $1 billion assessment in wake of LA fires
The FAIR Plan is an association of all the insurance companies that do business in California ... commissioner says to prepare for home policy reform ...
The Desert Sun2d
California homeowners will pay temporary fees to help pay for wildfire insurance claims
Every property insurance company licensed in California automatically becomes a FAIR Plan member as a condition of doing business in California. Those companies may be called upon to help fund the ...
The San Bernardino Sun3d
California FAIR Plan gets $1 billion assessment to head off insolvency
California’s insurance ... with fewer than 3% of the claims on commercial structures, she wrote. A chart included in that letter says the FAIR Plan has paid more than $914 million in losses ...