By james art 
The expected payments for the claims of the victims of wild fire in Los Angeles County seemed to have exceeded $ 900 million for the state insurers from the last resort, which allows him to take advantage of “reinsurance” payments from reserve suppliers.
In a statement published on Thursday, January 30, the California Fair plan reported that he had received more than 4,400 claims from victims of the Palisadi and Fires of Ethan in the last three weeks.
“The fair plan is access to reinsurance to help pay claims,” the statement said.
In the earlier statements, the fair plan said it could only benefit from reinsurance – essentially insurance for insurance companies – after paying its first claims of $ 900 million.
See also: Why all homeowners in California can be on the hook for fire costs in La County
Damage caused by wind firearms in the Pacific Palisades, Malibu, Topanga and Altadena neighborhoods consumed more than 37,000 acres, destroying nearly 16,000 structures and killing 29 people.
The finances for the Plan “Fair Access to Insurance Requirements” are under control as the devastating wild fires erupted on January 7th. If the state -created insurance pool expires money, it can call the payment mechanisms that which which can influence almost any home -insured home and building owner in the country.
The fair plan provides coverage of homes and businesses that cannot obtain open market policies. Consumers can only get fire coverage through the plan, often at a higher price. In addition, owners must look for individual “sheaths” policies for responsibility, theft and other types of coverage.
Still, the fair plan has only enough money to cover a small part of its total exposure of $ 458 billion. Last March, Fair Plan President Victoria Roach said the supplier had only $ 700 million in cash.
If money expires, state legislation allows the fair plan to pass the hat among more than 100 fully licensed insurance companies in the state, provided that the insurance commissioner Ricardo Lara approves such an assessment.
These insurance companies, in turn, may strive to convey their share of the assessment of their policy holders as an “additional fee”.
See also: The sinister homeowners are struggling to keep their insurance
However, it is not yet clear whether the fair plan should invoke these payment mechanisms.
“We have not yet requested the California Commissioner for evaluation insurance in response to fires in southern California,” the statement said.
The last time the fair plan issued an estimate in 1994.
In the meantime, the fair plan serves to fulfill the destruction of telephone calls and requests for correction of claims it receives.
In the earlier statements, the plan said it guarantees about 22% of the structures in the Palisades Fire Area and about 12% of the structures in the Ethan fire area. This is the potential exposure amounts to more than $ 4 billion in the Palisades fire and over $ 775 million for Ethan’s fire.
As of Tuesday, January 28, the fair plan received over 3200 claims for damage from the fire of the quiet Palisades and over 1,200 claims for damage from the fire in Ethan, the statement said.
The fair plan has appointed about 250 checkers and field regulators to work on his claims and hire temporary staff, including customer service workers. Independent adaptation companies help with damage checks, and third -party and regulators checks help “respond to increasing demand.”
Additional request information is available to www.cfpnet.com S
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