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Quick Reference Fact SheetIn the aftermath of urban unrest in the 1960's, a national advisory panel created by President Lyndon Johnson considered the economic and social implications of the times and in particular, the causes of rapid economic disinvestment in the nation's cities. Among other things, the panel concluded that affordable property insurance must be available without consideration of location, provided that the property met minimal insurability standards. As a result, the New York Property Insurance Underwriting Association was created by Statute (ARTICLE 54) in 1968, and designated a FAIR Plan (Fair Access to Insurance Requirements) to write certain types of property insurance. Today, FAIR Plans operate in 29 states, the District of Columbia and Puerto Rico. The New York Property Insurance Underwriting Association is among the largest FAIR Plans in the country. When first established, the Association only offered Basic Fire and Extended Coverage. It was recognized early that these basic coverages alone were not meeting the needs of property owners and additional coverages were added. The Association currently offers fire, extended coverage, vandalism and malicious mischief, sprinkler leakage, and time element coverages. The first priority of the Association has always remained fixed: to
provide top service to the insuring public. |