Heat around solving the thorny issue of pandemic insurance for a struggling nation — and the crucial businesses that entertain it — is rising heading into the long holiday weekend. Rep.…
for a struggling nation — and the crucial businesses that entertain it — is rising heading into the long holiday weekend. Rep. Carolyn Maloney has set a Tuesday press conference to introduce a bill that proposes a government backstop for 95% of claims. It’s legislation that has evolved over the past few weeks and now specifically includes film and TV production under event cancellation, a form of business interruption.
This is the insurers’ first attempt to tackle the issue of spiraling claims, widespread losses and overall business carnage across sectors that all need pandemic insurance to resume operations and, since March, have not been able to get it. They have called their plan the Business Continuity Protection Program, or BCPP. Under it, businesses could purchase “revenue replacement assistance” to cover up to 80% of payroll and other expenses for three months.
Insurers would have zero liability under thee NAMIC plan, which would create a new federal program for pandemic relief administered by. It would provide assistance for payroll, employee benefits and operating expenses following a presidential “viral emergency declaration.” Insurers argue that COVID-19 is nothing like terrorism, which is local and limited by geography and time. “A TRIA-like program, with an industry financial role, does not square with the fundamental notion that pandemics are not insurable risks. The risks are too fundamentally different in nature and scope,” Chamness said.
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