X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

California Insurance Commissioner Ricardo Lara has issued a statement regarding a court’s decision to uphold his authority order to expand FAIR Plan “last resort” coverage to better protect homeowners who are increasingly losing their homeowners’ insurance due to wildfire risks.

According to a press release, the Commissioner had the following to say about the ruling. “With insurance companies increasingly dropping their customers due to wildfire risk, homeowners depend on the FAIR Plan as the insurer of last resort for their coverage. The court ruling affirms my authority that the FAIR Plan must offer broader, more comprehensive insurance protection for consumers. In addition, by forcing its policyholders to purchase separate insurance policies for liability and contents on top of its ‘fire-only’ policy, the FAIR Plan drives up the price for consumers, which only benefits the insurance companies that profit from this unfair and costly arrangement. California consumers win when they have greater options for insurance coverage, which is why I ordered the FAIR Plan to modernize its coverage 18 months ago. The FAIR Plan and the insurance companies who control it need to move forward to implement this needed coverage option as soon as possible, and I have directed my staff to work quickly to make sure this comprehensive coverage is available to all Californians.”

This premium content is locked for
Insurance Coverage Law Center subscribers only.

Start a free trial to enjoy unlimited access to the single source of objective legal analysis, practical insights, and news for the insurance industry.

  • Access the most current expert analysis and daily developments across jurisdictions
  • Solve complex research issues with expert tools and intelligence
  • Tap into insurance coverage expert guidance

Already have an account?
For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected].

Hannah Smith

 

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.