SALEM, Ore. (AP) — Oregon is considering another year of insurance coverage to help pay for catastrophic wildfire seasons.
The Bulletin reports that British insurance giant Lloyd’s of London is offering the state another year of coverage despite three consecutive years of expensive, drought-fueled wildfires. The policy could protect the state from financial problems if 2016 is another expensive year for firefighting.
State fire officials on Tuesday recommended that Oregon continue purchasing the insurance.
The policy would also be available to private landowners.
Oregon fire officials and landowners would share the $3.5 million premium and up to $50 million deductible before Lloyd’s contributes up to $25 million.
The premium is down $300,000 from last year.