FAIR Plan Act

The act establishes a state-supervised property insurance plan that makes basic property coverage available to owners who are unable to obtain it through the ordinary insurance market. It sets out who may apply and what risks qualify, creates a governing body to administer the plan and to inspect and underwrite submitted properties, and standardizes the policy forms, rates, and cancellation conditions that apply to coverage issued under it. It also provides an appeals route for applicants and policyholders dissatisfied with a decision, addresses the role of producing agents and public education about the plan, and shields those carrying out its functions from liability for acts performed in good faith under it.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.