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.
Trump Approves Disaster Requests for at Least 7 States; Others Wait 
Convicted Insurance Mogul Lindberg Should Pay $1.6B Restitution to Companies 
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model 
Electric Bills in Coal Country West Virginia Now Top Mortgage Payments 
