Insurance Commissioner Ricardo Lara has reached an agreement with the California FAIR Plan to more than double its coverage limits for businesses. The plan, known as the insurer of last resort, would cap its commercial coverage at $20 million, up from the current $8.4 million.
Lara vowed that giving businesses greater coverage options is a top priority. Senators Toni Atkins and Susan Rubio joined agriculture in calling for the increased coverage limit.
The Western Agricultural Processors Association anticipates the new limit will be available in the fourth quarter of 2023.