What is the definition of Fair Access to Insurance Requirements Plans / Fair Plans?

Fair Access to Insurance Requirements Plans refers to insurance pools that provide insurance to those who cannot buy it from admitted insurance companies. These are for people with risks that they cannot control but are very likely to happen.

For example, those living in riot-prone areas may have a hard time buying insurance for their homes that will cover losses or damage incurred because of riots.

Also called FAIR Plans, this is state-sponsored. The government requires property insurance companies licensed with them to participate in the pool. FAIR Plans are sold in some states in the U.S., and sell windstorm, fire, riot and vandalism coverage. The products sold may vary from state to state.

• Competitive State Fund
• Excess and Surplus Lines
• Commission
• Businessowners Policy / BOP
• Employer’s Liability