The Massachusetts Property Insurance Underwriting Association (MPIUA), also known as the Massachusetts FAIR Plan, was established in 1968 to provide basic property insurance to individuals and entities who have difficulty obtaining coverage in the voluntary insurance market. This initiative was born out of a need to address the challenges faced by urban areas, particularly during the tumultuous period of rioting in the 1960s. Recognizing the importance of accessible property insurance for urban revitalization, federal legislation led to the formation of FAIR Plans across various states, including Massachusetts.
MPIUA operates as a residual market insurance association, meaning it collaborates with all companies writing basic property insurance in the Commonwealth. By pooling resources, losses are shared among member companies based on premium volume, enabling a collective approach to managing risk and ensuring that property insurance remains available to those who need it most.
The association's operations encompass the underwriting and inspection of risks, premium collections, policy issuance, and claims adjustments, similar to standard insurance companies. With a team of experienced professionals, MPIUA strives to deliver exemplary service to its clients, ensuring efficient processing of insurance applications and claims.
Furthermore, MPIUA is a member of the Property Insurance Plans Service Office (PIPSO), reinforcing its commitment to ensuring fair access to insurance for all. The association follows Massachusetts General Law, Chapter 175C, which outlines its operational framework and governance standards, guiding its mission to facilitate the availability of basic property insurance for all eligible applicants.
