To establish a temporary voluntary program for support of insurers providing business interruption insurance coverage during the COVED-19 pandemic, and for other purposes.
Business Interruption Relief Act of 2020
This bill establishes the Business Interruption Relief Program within the Department of the Treasury to provide financial assistance to insurers that voluntarily pay benefits under certain policies for COVID-19 (i.e., coronavirus disease 2019) losses. Specifically, insurers qualify for the program if the insurer has at least one outstanding and existing policy for business interruption coverage that (1) expressly covers losses during a civil authority shutdown as a result of the COVID-19 pandemic, and (2) expressly excludes coverage for a virus. Participation in the program is voluntary.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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