Best Rating

The Ohio FAIR Plan Underwriting Association (OFP) will occasionally get inquiries about its "Best Rating." OFP is not "rated" by Best's due to the nature of our organization.

OFP is an unincorporated association with membership of all insurers authorized to write property insurance in the State of Ohio. See ORC 3929.43 (A) of the Ohio Revised Code. Each insurer is a member of OFP and must remain a member "as a condition of its authority to write" insurance in Ohio. These insurers then "participate in the writings, expenses, profits, and losses of the association". See ORC 3929.43 (E).

Therefore, under ORC 3929.43 (E), OFP is supported or subsidized insurance in the State of Ohio. Those insurers are then statutory "reinsurers" of OFP and our Best Rating (if we had one) would be as good as the best-rated insurers in Ohio.

This should put aside any fears or concerns that any lender might have about any mortgagor having their basic property insurance through Ohio FAIR Plan Underwriting Association.