In response to the economic crisis brought forth by the COVID-19 pandemic, several members of Congress are planning legislation to bolster coverage of business interruption losses caused by the pandemic. Bipartisan draft legislation, introduced by Rep. Mike Thompson, (D-CA), would make insurance coverage available for business interruption losses due to viral pandemics, forced closures of businesses, mandatory evacuations, and public safety power shut-offs.
In addition, 7 GOP senators wrote a letter to President Trump on April 10, asking that he commit to protecting the insurance industry from proposals in state legislatures that would require insurance firms retroactively cover small-business losses due to the coronavirus crisis.
(Contact: John Jones at jjones@nareit.com)