Oregon considers renewing wildfire insurance

Oregon Wildfires onion mountain 09142014 ap_91049

In this Sunday, Sept. 14, 2014 photo provided by John Luerding, an air tanker drops fire retardant over a wild fire at the Rogue River-Siskiyou National Forest between Grants Pass and Cave Junction in Oregon. Two wildfires that started over the weekend were threatening scattered rural homes in western Oregon, where forests are critically dry […]

SALEM, Ore. (AP) — Oregon is considering another year of insurance coverage to help pay for catastrophic wildfire seasons.

The Canyon Creek Complex fire burns towards a rural subdivision of John Day on Friday, Aug. 14, 2015. (Les Zaitz/The Oregonian/OregonLive via AP)

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.

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