01.Core Concepts

The Urban Property and Reinsurance Act of 1968 created FAIR plans (Fair Access to Insurance Requirements) Plans provide coverage to urban property owners who are unable to obtain coverage in the standard market Plans cover property for fire and extended-coverage perils, vandalism, and malicious mischief A building insured under a FAIR plan must meet certain underwriting standards A state with a FAIR plan creates a pool or syndicate of private insurers to provide basic property insurance