Oregon Will Have A Much Harder Time Filing A Claim On Its Wildfire Insurance Policy (OPB )

Oregon Will Have A Much Harder Time Filing A Claim On Its Wildfire Insurance Policy

  Wednesday, June 8th, 2022 Source: OPB

For nearly 50 years, the state has purchased catastrophic wildfire insurance coverage from Lloyd’s of London. It’s the only state with such a policy, and the Oregon Department of Forestry says in the last decade alone, Oregon has filed twice as much in claims as the cost of the premiums.

But while those premium costs are holding steady, filing a claim will be more difficult this year. That’s because Lloyd’s has raised the state’s deductible by 50 percent, citing those recent claims as well the longer nature of wildfire seasons.

It means that the state will need to shell out $75 million on its own before it can cash in on its insurance policy.

‘The increased (deductible) greatly reduces the probability of a claim, but does not preclude it,’ wrote legislative fiscal analyst Matt Stayner in a report to the Legislature Emergency Board.

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