To make available insurance coverage for business interruption losses due to viral pandemics, forced closures of businesses, mandatory evacuations, and public safety power shut-offs, and for other purposes.
Business Interruption Insurance Coverage Act of 2020
This bill requires insurers that provide business interruption coverage to insure as part of this coverage losses from a viral pandemic, a government-ordered business closure or evacuation, or a power disruption conducted for public safety purposes.
The bill also nullifies provisions in a business interruption insurance contract in force on the date of enactment that exclude such an event from coverage. An insurer may reinstate such an exclusion if (1) the insured authorizes the reinstatement in writing, or (2) the insured fails to pay the corresponding premium increase after adequate notice by the insurer of such an increase.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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