January 26, 1993 |
The California Fair Plan, an industry-sponsored property insurance pool that serves mainly urban homeowners and businesses, has beefed up its coverage in response to last spring's Los Angeles riots. On Jan. 1, the Fair Plan began selling new optional coverage in addition to the standard fire insurance that had been its only offering. One new option is business-interruption coverage, which compensates business owners for revenue lost if they are forced to halt operations.
November 9, 1993 |
Faced with claims of well over $100 million from the wildfires of the last two weeks, the California Fair Plan will call on its 280 insurance company members to replenish its depleted reserves--the first time in the organization's 25-year history that it has been forced to make such a cash call.
March 24, 1995 |
With no legislative fix on the immediate horizon for California's earthquake insurance problems, Insurance Commissioner Chuck Quackenbush on Thursday announced he would extend for another six months the emergency earthquake insurance program of the California Fair Plan, the industry-sponsored, high-risk insurance pool. The emergency program, created last summer by former Insurance Commissioner John Garamendi as a short-term stopgap, was due to expire next Friday.
June 1, 1996 |
Andy Andersen took the day off from work, drove himself and his wife all the way in from San Bernardino and then joined a long line of other anxious homeowners packed into the Mid-Wilshire offices of the California Fair Plan. But the Andersens weren't complaining Friday morning as they applied for insurance on the last day the state's insurer of last resort would accept most new applications for earthquake, fire and other kinds of basic homeowner coverage.
October 13, 1994 |
In an effort to remedy the near meltdown of the California residential insurance market, Insurance Commissioner John Garamendi on Wednesday proposed selling stripped-down, stand-alone earthquake policies to all comers through the state's high-risk property insurance pool. The new policies are meant to plug gaps caused by the flight of most large insurers from the California homeowners market after the Northridge earthquake.
June 23, 1994 |
In an effort to block a potential meltdown of the California homeowners insurance market, Insurance Commissioner John Garamendi on Wednesday ordered the state's high-risk insurance pool to extend its residential earthquake and fire insurance statewide. Garamendi's action, which he called "strictly a stopgap, short-term measure," means that all homeowners will be able to buy at least bare-bones residential coverage even in areas considered at high risk for earthquakes.
CALIFORNIA | LOCAL
February 22, 1999 |
Once again, orders to clear brush or suffer the consequences are causing a stir in the Santa Monica Mountains. This time, though, it's not the county Fire Department that is aggressively pushing new brush-inspection regulations--and a 57.2% hike in penalties for homeowners who fail to comply. It's the California Fair Plan, a state-regulated insurance pool that provides fire insurance in fire-prone areas.
December 7, 1993 |
Facing claims of $150 million from the recent Southland wildfires, the California Fair Plan Assn. has assessed its 280 insurance-company members amounts ranging from $9,000 to $17 million, based largely on firms' market share in the state. But one disgruntled member, tiny Crusader Insurance Co. of Woodland Hills, is contesting its $325,000 bill and leading a fight to change Fair Plan's assessment policy, which Crusader calls unfair.
June 1, 1996 |
As tough new restrictions take effect today on the state's Fair Plan for earthquake and homeowners insurance, a state lawmaker moved Friday to cancel the limits, which were ordered by state Insurance Commissioner Chuck Quackenbush. The Fair Plan is the state-operated insurer of last resort for homeowners unable to buy policies elsewhere. Under Quackenbush's order, the only new sales permitted will be in brush-fire and low-income areas where insurance has always been hard to buy. State Sen.
May 23, 1996 |
Saying a big earthquake could result in a broad default on paying claims, Insurance Commissioner Chuck Quackenbush on Wednesday ordered an end to most new sales of homeowners and earthquake insurance under the state's Fair Plan as of May 31. His action to restrict growth of the state's insurer of last resort for homeowners unable to buy through the regular markets is sure to increase pressure on the Legislature.