In Reply to: Yeah about that CA Fair Plan posted by OjaiBruin on January 13, 2025 at 20:11:34
One big suit they did (I’m not an insurance litigator like Kevin or some of the other ambulance defenders) was on behalf of mostly Korean small business owners who were insured by off shore insurers through a network of brokers. After the LAPD riots in 92 a bunch of them had (collectively) huge claims after their businesses were looted and burned. Companies went belly up.
I think they’re probably tighter now on reserves but it was heartbreaking all the people who had paid insurance for years, even decades and then the insurers went bankrupt. Problem with those kinds of specialties like earthquake insurance. Most people never need it, but if they do the companies run out of money and leave insureds holding the bag.