Proposed Legislation Would Cover Pandemic Business Interruption
H.R. 7011, the Pandemic Risk Insurance Act of 2020 (PRIA), would create the Pandemic Risk Reinsurance Program, a system of shared public and private compensation for business interruption losses resulting from future pandemics or public health emergencies.
The legislation was introduced by Congresswoman Carolyn Maloney and wouldo ensure that there is sufficient capacity to cover losses and protect the U.S. economy in anticipation of a resurgence of COVID-19 and future pandemics. Like the Terrorism Risk Insurance Act (TRIA), the federal government would serve as a backstop to maintain marketplace stability and to share the burden alongside private industry.