FAIR Plan Coverage Limits
RESIDENTIAL PROPERTIES (1-4 units)
The maximum combined limit for the structure, personal property, other structures, ordinance or law, etc., is $1.5 million at any one location. Although residential properties in Course of Construction are subject to commercial rates and forms, the maximum $1.5 million coverage limits for residential properties remains the same.
There are times when an insured will purchase an additional insurance policy in addition to the FAIR Plan policy. This is typically either an “Excess” or “Differences in Conditions” policy. The existence of those types of policies does not impact the coverage provided under the Dwelling policy.
COMMERCIAL PROPERTIES (5 units or more)
The maximum limit for commercial properties is $3 million for the structures, and $1.5 million in personal property for a combined $4.5 million limit for all commercial properties at one location.
Contents Coverage for Business Personal Property up to $5 million is available IF the building has a 24-hour guard service on the premises at all times.
Contents Coverage for Business Personal Property up to $10 million is available IF the building has an operating sprinkler system (as approved by the Insurance Services Office), and a 24-hour guard service on the premises at all times.
These broader contents limits must be approved by an underwriter, and are subject to property inspection.
BUSINESSOWNER’S POLICIES (BOP)
The limit for properties written in conjunction with our Businessowner’s Policy (BOP) is $2 million for the structure, and $1 million for the contents.
Please note that underwriting guidelines are subject to review, and could change at any time.