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Fair Plan reports $2.9 billion paid on January wildfire claims so far and outlines how smoke damage is evaluated
Summary
Fair Plan officials told an Assembly committee they have paid about $2.9 billion on January wildfire claims to date, estimate roughly $4 billion total, and described their policy standard for smoke losses — coverage requires evidence of direct physical damage before payment.
The California Fair Plan told an Assembly Insurance Committee oversight hearing it has paid more than $2.9 billion on claims from January wildfires and outlined how it determines coverage for smoke or ash damage.
Victoria Roach, president of the California Fair Plan, said the plan had received more than 5,500 claims from the January events and estimated final payments could total about $4 billion. ‘‘We have paid over $2,900,000,000 in claims so far. Our estimate is that we're gonna pay close to $4,000,000,000 total when all is said and done,’’ Roach said.
Nut graf: Fair Plan leaders told lawmakers the organization prioritized advancing funds for total losses and…
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