California FAIR Plan Files to Offer Property Coverage to Farms
The California FAIR Plan Association announced on Wednesday it has submitted a farm product rate filing to the California Department of Insurance ahead of a 90-day deadline.
The deadline to make the filing was imposed in Senate Bill 11.
The filing is a key step in implementing the new law to allow the FAIR Plan to provide basic property coverage for farms, which was previously prohibited by the insurance code.
The FAIR Plan said it will work to make the farm policy available to property owners as soon as possible following CDI approval.
Passed in July, SB 11 amended the California Insurance Code to allow the FAIR Plan to provide basic property insurance for permanent structures on farms used primarily to produce commercial agricultural commodities or livestock.
Once CDI approves the filing, the FAIR Plan anticipates a farm policy becoming available to property owners in the coming weeks.
The California Fair Access to Insurance Requirements Plan is an insurance pool established by law to assure the availability of basic property insurance to people who own insurable property in California and who, beyond their control, have been unable to obtain insurance in the voluntary insurance market.
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