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California Fair Services Authority (CFSA) administers the Property Protection Program, which was initially partially funded by the California Department of Food and Agriculture's Division of Fairs & Expositions.
Beginning in fiscal year 2011-2012; however, the program will be supported by a combination of pool reserves and participating fair premiums (based on each fair's individual property values).
To minimize the pool's risk exposure, the minimum deductible for all fairs increased from $25,000 to $50,000. Another change implemented in mid-2011 moved the billing cycle from January to July.
Program options include:
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Personal Property/Contents coverage for items such as furniture and computers, and comes with a $50,000 deductible. All fairs are encouraged to carry at least $100,000 of contents coverage, with higher limits available.
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Contractors and Mobile Equipment coverage for all fair owned and leased tractors, fork lifts, mowers, unlicensed trucks and other construction equipment. The cost for this coverage is the same as for the Personal Property/Contents coverage, with a $100,000 minimum and a $50,000 deductible.
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Business Interruptions/Rents covers loss of rental income if a covered building can't be rented due to physical damage. The Rents portion of the coverage covers any loan payments on damaged property that can't be rented out. This option also costs the same as the Personal Property/Contents coverage and has a $50,000 deductible.
Read more about the program's coverages in the program's Memorandum of Coverage (MOC) and Protection Schedule PDF. To access either one, you'll need Adobe Reader. If you don't already have Reader on your computer, download it for free from the Adobe Web site, http://get.adobe.com/reader/.
The Property Protection Program protects all fair buildings located at the District
Agricultural Association fairs (DAAs), the California State Fair
and Exposition, some county fairs and two citrus fruit fairs. Each
individual fair is responsible for its own per loss deductible.
Participation in the program is voluntary; however, the Division of Fairs and Expositions requires all non- participating fairs to show proof of insurance equal to the pooled Property Program's coverage. Fairs not participating in the program are ineligible for assistance with deductibles associated with commercial policies purchased by the fairs on their own behalf.
The program provides:
- All-risk
protection for buildings - $1,000,000,000 per occurrence, subject
to a deductible.
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Flood protection for buildings not located in a designated flood
zone - $50,000,000 per occurrence/annual aggregate, subject to
a deductible.
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Flood protection for buildings located in a designated flood zone
- $25,000,000 per occurrence, subject to a deductible.
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Acts of terrorism protection - $250,000,000 per occurrence, subject
to a deductible.
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Boiler and machinery protection for covered objects at fairs - $100,000,000
per occurrence, subject to a deductible of $2,500 per loss.
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Business personal property, contractors/mobile equipment and business interruption/rents coverages- Limits selected by fairs,
subject to a deductible of $50,000 per loss.
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Valuation Basis - Actual replacement.
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Protected Values: Buildings at all covered fairs - $759,933,920
based on 2011 values; business personal property at all covered fairs
- $40,770,404
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Earthquake Coverage - None.
If you have specific questions regarding the Pooled Property Protection
Program, please contact Charlie
Mitchell.
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