California FAIR Plan could be on the hook for up to $24 billion in L.A. fire lossesSan Francisco Chronicle ^ | Megan Fan MuncePosted on by MinorityRepublicanExperts have predicted that the fires blazing through several parts of Los Angeles County could easily become the most costly wildfire event in the U.S. One insurer alone faces potential losses of up to $24 billion: the California FAIR Plan.
The FAIR Plan is not funded or financially backed by the government — instead, if the FAIR Plan runs out of money to pay claims, it’s private insurers and their customers who end up with the bill.
First, the FAIR Plan would have to blow through all of its reserves — a possibility that seems increasingly likely as strong winds continue to spread the uncontrolled fires.
by 4 posted onby Lockbox (politicians, they all seemed like game show host to me.... Sting)To: MinorityRepublicanSounds like a typical lib idea.
by 9 posted onby dragnet2 (Diversion and evasion are tools of deceit)To: MinorityRepublicanTaxpayers are on the hook for all of it.