Commercial insureds in California will now be able to benefit from Munich Re Specialty Insurance (MRSI) newly launched FAIR Plan Commercial Wrap, a new solution available to those insureds who seek comprehensive coverage in tandem with their FAIR Plan coverage.
MRSI’s new product will enable insureds to further enhance the protection of their business properties against property damage than just the FAIR Plan alone.
The solution, available through wholesale brokers, will also give businesses access to coverage for property damage – including water damage, burst pipe coverage and other non-fire perils –, complementing the FAIR plan as it excludes these.
This coverage is being provided on a non-admitted business and may not be available in all circumstances.
“MRSI is an agile and solutions-focused specialty carrier, and our E&S team is dedicated to developing ways to protect insureds and serve our communities better,” said Liz Kramer, President, Excess & Surplus Lines, MRSI.
“The FAIR Plan Commercial Wrap is a solution that serves the demand for comprehensive property coverage for business owners and reaffirms MRSI’s commitment as an E&S property provider in California.”
The FAIR (Fair Access to Insurance Requirements) Plan is a syndicated fire insurance pool of insurers licensed to conduct property/casualty business in California.
Losses in California due to wildfire are astonishing, with average estimated annual losses totaled over $117.4 billion in 2017-2021, according to a June 2023 report by the Gordon and Betty Moore Foundation.
The report also cited other economic impacts wildfires have had, including labour market disruptions, costs related to loss of life and the cost of climate impacts.
Jim Wallace, Head of Property, Excess & Surplus Lines, MRSI: “The FAIR Plan Commercial Wrap fills the gap left by the FAIR Plan policy and can provide peace of mind for business owners as they navigate the growing wildfire risks in California.
“By developing innovative solutions like this one and working with our wholesale broker partners, we are able to protect business owners in California from wider property liabilities.”
