Federal Legislation Introduced to Address Business Interruption Coverage

Federal Legislation Introduced to Address Business Interruption Coverage

 

The US House of Representatives has introduced two bills, US HR 6494 and US HR 6497, requiring that insurers make available business interruption coverage for losses due to pandemics, forced business closures, and other emergencies. US HR 6497 would also require the Federal Advisory Committee on Insurance to study whether there should be a federal backstop to reinsure insurers for excessive business interruption losses.

 

Link to US HR 6494, Business Interruption Insurance Coverage Act of 2020

Link to US HR 6497, Never Again Small Business Protection Act of 2020