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.
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