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Posts tagged Event Cancellation.
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 estimate stating that the nation’s real gross domestic product (GDP) decreased at an annual rate of 32.9% in Q2 2020, which reportedly is the worst recorded drop in American history. It was estimated early on that “business interruption losses from the coronavirus just for small businesses in the U.S. could be between $220-$383 billion per month,” resulting ...

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 offering business interruption insurance policies must cover losses incurred due to pandemics and it would establish a Pandemic Risk Reinsurance Program (PRRP) within the Department of the Treasury under which private insurance companies and the federal government would share the responsibility to pay claims for ...

A Place for Insurance in a Global Pandemic: How Do Event Cancellation & Business Interruption Policies Apply to COVID-19?

It is an understatement to say that the foothold the 2019 Novel Coronavirus (COVID-19) has gained in the U.S. and resulting government mandates have developed at a rapid pace. Two weeks ago, companies were open for business, but were well advised to consider cancelling planned events and reviewing their contracts and insurance policies to determine coverage for potential losses. Given the travel advisories issued by the government and trepidation of individuals to travel or gather in the midst of the rising number of COVID-19 cases, cancellation of a major event may have been the ...

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