Commercial Property Program


Most businesses having an insurable interest in the qualified property may apply to the Iowa FAIR Plan Association (Plan) if within the past six months a notice of rejection, nonrenewal, or cancellation from an insurer has been received.  “Qualified property” means real and tangible personal property that is located at a fixed location in Iowa.  The Plan can provide coverage for a variety of commercially occupied buildings.

Separate applications must be submitted for each property location. Applications submitted must be on forms designated by the Plan. All questions must be answered and the applicant must sign the form. Incomplete applications may be returned causing delays in processing and effective dates of policies. Please include the correct premium and recent clear photos of the front and back of the home as well as any detached structures.

Coverage Limits and Forms

  • The maximum limit on real and personal property at one location is $1,000,000. The limit on the building cannot exceed the actual cash value of the building.
  • Coverage amounts greater than $500,000 requires the approval of the Iowa FAIR Plan Association’s Governing Committee, and it may take longer to issue policies for such properties.
  • The Plan uses the following forms for Commercial Property policies. This list is subject to change as new forms are filed and approved.
    • Commercial Property Application
    • CP 00 99 04 02 Standard Property Policy
    • CP 01 97 11 05 Iowa—Standard Fire Policy Provisions
    • IL 09 52 03 08 Cap on Losses From Certified Acts of Terrorism
    • CP 12 18 06 95 Loss Payable Provisions

Protection Class

The Plan uses the following criteria to determine protection class:

  • Protection Class 1-8:  Inside city limits of protected city/town.
  • Protection Class 9:  Outside city limits of protected city/town but with hydrant within 1000 feet.
  • Protection Class 10:  Outside city limits of protected city/town with no hydrant within 1000 feet.

Property inspectors will provide information about the location of the property with regard to city limits, distance from hydrants, and any other pertinent information regarding the potential protection class designation and the Plan will make the final determination as to what protection class will be used.

Deductible Options

  • The basic deductible for all perils is $500 with options of $1000 and $2,500.
  • We may require an increased deductible as a result of claims history and/or higher values.

Binding Authority

Producers do not have the authority to issue binders.  The Plan does not issue binders.

Requests For Coverage

  • To request coverage, a properly completed, legible, and signed application must be submitted.
  • Applications submitted must be on forms designated by the Plan.  All questions must be answered and the applicant must sign the form.
  • The correct premium must also be submitted with the application.
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