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Oregon Renews Wildfire Insurance Policy

Rick Bowmer/AP
A firefighter walks up a hillside at the Dollar Lake fire Tuesday, Sept. 6, 2011, near Laurance Lake, on Mount Hood.

Oregon officials and forestland owners have renewed the state’s wildfire insurance despite failing to reach the policy’s $50 million deductible last year.

The price of the premium declined by $300,000 to $3.45 million in 2016, according to the Oregon Department of Forestry. Underwriters gave the discount because state did not need to use the policy in 2015, said Sen. Alan Bates, D-Ashland.

The $25 million policy is underwritten by Lloyd’s, a London insurance consortium, and AXIS of Bermuda.

Federal and state agencies spent $94.4 million on wildfire suppression in 2015, according to the Legislative Fiscal Office. Only about $30 million of that, however, was counted toward the state’s wildfire insurance deductible.

To read more, visit The Portland Tribune.