Federal bill would mandate insurers offer pandemic policies
Herrick partner and chair of the Insurance & Reinsurance Group, Alan Lyons, spoke to The Real Deal about The Pandemic Risk Insurance Act. This federal bill was reintroduced last week by New York Rep. Carolyn Maloney and would require insurers to offer business interruption policies that would cover some losses from infectious disease outbreaks that are declared a “covered public health emergency” by the Department of Health and Human Services.
Alan explained, "If passed, this bill would provide some welcome relief to real estate owners, particularly owners of restaurants, hotels, convention centers and event venues that depend on public gatherings for revenue."
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