Fair Plan

Fair Plan

A program in several American states by which the state government provides or subsidizes insurance on properties that otherwise would be uninsurable because they are in high risk areas. For example, a fair plan may insure a coastal property in a hurricane area. As with all insurance, the policyholder must pay a premium to receive the coverage.
References in periodicals archive ?
Jones said while some of these risks are being picked up by other admitted insurers, many of these consumers are being forced to purchase coverage through the FAIR Plan, the state's insurer of last resort, or the surplus lines market.
Richmond homeowner Marlene Garnes submitted a claim for $320,549 to her insurer, California FAIR Plan Association, for the cost to repair her damaged home, less depreciation.
With 15 years of experience as the chief financial officer for firms such as Argonaut Insurance Company, Texas Mutual Insurance Company, and Tower Life Insurance Company, Meriwether's experience also includes serving as the director of internal audit for the Texas Windstorm Insurance Association and the Texas Fair Plan Insurance Association.
There is a secondary insurance market that specializes in higher-risk policies, and California also has its FAIR plan, which is a safety net that guarantees minimal home and fire coverage.
Fair Plan and the 'standby JUA' for troubled lines of insurance," Lasher said.
He explained: "The second point focused on the difficult humanitarian situation of the displaced and the need to prepare a correct and fair plan of action to save them and compensate them for the losses suffered by them and bring them back quickly to their homes.
A Higgins representative filled out the FAIR Plan policy application and gave it Aslam to sign.
Fair Plan policies (provided by some states for high-risk users) in most cases stipulate actual cash value, not replacement cost.
Environment Minister Phil Hogan said he wants to see a fair plan for the families evacuated from their homes in the North Dublin complex and saddled with spiralling mortgage debts.
4) Mississippi does not offer a commercial policy in its FAIR Plan and has a separate Beach Plan.
Finance Minister Charilaos Stavrakis yesterday said the government would announce in immediate days a fair plan for Eurocypria's controlled clearance.
s "We have a fair plan and it is flexible'ish, but if I've got a budget there's no point me going around saying I want that (player) when its over the budget - it would be barmy.