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.
November 3, 1993 |
The California Fair Plan, an industry-sponsored insurer of last resort for homes in areas prone to brush fires, suffered a disproportionate share of the losses in the Altadena fire of last week and could be hit hard again by the fires sweeping Tuesday through the canyons of Calabasas and Malibu. Many fire victims with Fair Plan policies may lack the coverage to fully restore what they lost.
CALIFORNIA | LOCAL
July 19, 1987 |
Insurers are often reluctant to issue fire insurance policies to residents of such hard-to-protect areas as inaccessible canyons and brushy hillsides. Sometimes they refuse altogether to write a policy. But homeowners in high-risk areas can obtain fire insurance under the California Fair Plan, a clearinghouse set up by the state in 1968 under which more than 220 insurance companies take on assigned homeowners.
October 10, 1994 |
Earthquake Insurance Plan: The California Insurance Department will hold public hearings at its Downtown Los Angeles offices Wednesday and Thursday on Insurance Commissioner John Garamendi's proposal to use the California Fair Plan--the industry-supported pool for high-risk property insurance--as a mechanism to offer stand-alone earthquake policies. Nearly all of the major U.S.
March 13, 1988 |
Homeowners in brush areas must purchase their primary fire insurance from the California Fair Plan Assn., but that policy is very limited in its coverage--only a few specifically named perils are covered. Most policies offered by regular insurance companies are all-risk--all perils are covered, except a few that are excluded. The three most important and necessary coverages the Fair Plan policy does not cover are replacement cost, theft and liability.