The Indiana Basic Property Insurance Underwriting Association, also known as the FAIR Plan, was established in 1968 to provide property insurance to individuals who have been unable to secure coverage through the normal insurance market. It is a voluntary association of licensed insurance companies in Indiana, offering basic property insurance as a last resort option.
The FAIR Plan provides dwelling and commercial insurance to Indiana residents who have been declined coverage by at least three non-related insurance companies. The maximum coverage for dwellings is $250,000 for building and contents, while commercial coverage has a maximum of $1,000,000. Funding for the FAIR Plan comes from premium income and assessments paid by member companies to cover policy loss claims and administrative expenses.
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