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FAIR Plan calls itself insurer of last resort as Topanga residents press solvency and coverage questions
Summary
At a Saturday workshop in Topanga, a broker liaison for the California FAIR Plan outlined how the program operates as an insurer of last resort, described coverage limits and the plan's financial backstops, and fielded residents' questions about whether the plan can meet claims after recent fires.
At a Saturday workshop in Topanga, Peter Irwin, broker liaison for the California FAIR Plan, told residents the FAIR Plan exists as “the insurer of last resort” for property owners who cannot obtain coverage in the voluntary market.
Irwin said the FAIR Plan is a private, not‑for‑profit residual market created by statute in 1968 and backed by California property and casualty insurers. “Our goal is to not be needed,” he said, adding that the plan is intended as a temporary safety net until the voluntary market returns.
The FAIR Plan currently sets the total insured value (TIV) for a dwelling policy at $3 million and recently expanded commercial coverage to $20 million per location. Irwin said those limits were raised in response to…
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