The California FAIR Plan can now seek $1 billion from insurance companies to address losses arising from Los Angeles wildfires. Approved by Insurance Commissioner Ricardo Lara, this fund aims to assist survivors who struggle financially post-disaster. The state-backed insurer of last resort, serving those unable to obtain fire coverage, is in a dire financial situation, with over 4,700 claims amounting to $4 billion in projected losses. Without this additional funding, the FAIR Plan risks being unable to meet its payment obligations next month.
Wildfire survivors can't cash 'what ifs' to pay for food and rent, but they can cash FAIR Plan checks.
The plan has already tapped into its own insurance to help cover costs related to the fires and anticipates it could be unable to pay claims and operating expenses next month.
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