Is There a Fix for COVID Business Interruption and Event Cancellations Losses on the Horizon?

The losses sustained by American businesses in the wake of the COVID-19 pandemic will be measured at a level that may never be seen again in our lifetime. On July 30th, the U.S. Bureau of Economic Analysis issued an advance…

Pandemic Risk Insurance Act of 2020 Introduced in Congress – A Federal Backstop for Business Interruption and Event Cancellation Losses

After months of discussion and drafting, H.R.7011, the Pandemic Risk Insurance Act of 2020 (PRIA) was introduced by Representative Carolyn Maloney and twenty co-sponsors on May 26, 2020. If passed as currently drafted, the Act would mandate that insurance companies…

Mandated Coverage and Public-Private Risk Sharing Initiatives Under Consideration for COVID-19 Related Business Interruption Losses

In just a few weeks, we have gone from discussing what was believed to be the first COVID-19 lawsuit related to business interruption insurance and a handful of state legislative efforts to redefine the scope of coverage for businesses impacted…