Federal Bill Introduced for COVID-19 Business Interruption Insurance

A New York Congresswoman recently announced the introduction of the Pandemic Risk Insurance Act of 2020. This voluntary program would allow participating insurers to offer pandemic-related business interruption and event cancellation coverage, which would be reimbursed by a federal backstop. 

The introduction of this bill further invokes the debate surrounding the insurability of pandemics, the goals for risk-based insurance underwriting and responding to a public health crisis. Some insurance trade groups are proposing a program that would allow businesses to purchase revenue replacement assistance for up to 80% of payroll and other expenses.

We anticipate further debate as the impact of the current pandemic continues to impact the country and key stakeholders continue to look for a solution moving forward.

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About the Author

Diana Schmidt

Posted in: Property & Casualty, COVID-19

Posted by Diana Schmidt

Diana joined the Hausmann-Johnson Insurance team in 2017 with over 15 years of property and casualty underwriting and claim experience. She spent a decade of her insurance career as a multi-line underwriting officer at Travelers, where she created guaranteed cost and loss-sensitive casualty programs for large manufacturing and technology accounts. In this role, Diana excelled at building trusting relationships, designing robust coverage programs and collaborating with risk control and claim partners to offer strong service platforms which helped clients control their total cost of risk. Diana thrives on being a true advocate and problem-solver for her clients. Balancing her underwriting expertise and service-focused approach with the best-in-class service offerings of Hausmann-Johnson Insurance and The Benefit Services Group, Inc. brings tremendous value to her clients. Diana holds a Master of Science in Insurance Management from Boston University as well as a bachelor’s degree from the University of Wisconsin-Madison in Sociology & Legal Studies. She is a designated Chartered Property Casualty Underwriter (CPCU) and has Underwriting (AU), Claims (AIC) & Reinsurance (ARe) associations. Diana is a life-long learner and is currently completing coursework for Associate Captive Insurance (ACI), Alternative Risk, through the International Center for Insurance Captive Education (ICCIE). Diana enjoys experiencing life with her husband and twin boys and can often be found running, biking or swimming. She served on the 2019 Board of Directors for the Greater Milwaukee Chartered Property Casualty Underwriter (CPCU) Chapter and is a Destination Imagination team coach. She volunteers her time on the Parish & Finance Council at her church and helps reduce childhood hunger by supporting the Blessings in a Backpack Waukesha County Chapter.