The Connecticut FAIR Plan, formally known as the Connecticut Property Insurance Placement Facility, serves an essential role in providing property insurance to individuals and businesses who cannot secure coverage through the conventional insurance market. Established in accordance with the Urban Property Protection and Reinsurance Act of 1968, this plan aims to ensure fair access to property insurance for eligible applicants by meeting reasonable underwriting standards. The FAIR Plan operates not as a competitor to the voluntary insurance marketplace; rather, it is designed as a safety net for those who find themselves unable to obtain basic property insurance elsewhere.
Located in East Hartford, Connecticut, the FAIR Plan promotes fire safety and loss prevention through various initiatives and collaborations with local fire protection agencies, ensuring that communities are aware of best practices in fire safety. This commitment is reflected in programs like the annual Fire Prevention Poster Luncheon, which engage young people in spreading fire prevention awareness.
The organization also maintains a comprehensive information portal on its website, providing resources related to coverages, premium payments, claims reporting, and policy forms. The FAIR Plan's operations and policies are regularly updated and communicated to member companies, reflecting its commitment to transparency and efficiency. As a key player in the Connecticut insurance landscape, the Connecticut FAIR Plan ensures that essential property insurance is accessible to those who need it most, fostering stability and security in property ownership across the state.
