California SB547 prohibits insurers from canceling or refusing to renew commercial property insurance for one year post-wildfire in affected areas.

California SB547 adds a provision to the Insurance Code, prohibiting insurers from canceling or refusing to renew commercial property insurance policies for one year after a state of emergency declaration due to a wildfire. This applies to properties within or adjacent to the fire perimeter, provided the policy covers commercial properties with an annual premium of $25,000 or more and the insured employed at least 25 employees on average during the prior 12 months.

California SB547 prohibits insurers from canceling or refusing to renew commercial property insurance for one year post-wildfire in affected areas.

California SB547 adds a provision to the Insurance Code, prohibiting insurers from canceling or refusing to renew commercial property insurance policies for one year after a state of emergency declaration due to a wildfire. This applies to properties within or adjacent to the fire perimeter, provided the policy covers commercial properties with an annual premium of $25,000 or more and the insured employed at least 25 employees on average during the prior 12 months.