Legislative Efforts to Establish Business Interruption Insurance Coverage of Losses Related to COVID-19
May 8, 2020
In a recent article, Hope on the Horizon For COVID-19 Related Business Interruption Coverage, we reported on legislative efforts in New York and New Jersey to retroactively require insurance carriers to cover business interruption losses caused by the COVID-19 pandemic. Since then, there has been little legislative progress on those bills. According to the office of Andrew Gournardes, the Senate sponsor of the New York legislation, the bill is still in the Senate and Assembly insurance committees, which have not been meeting. According to office of Assemblyman Roy Freiman, the New Jersey legislation is still being held after it was successfully voted out of the Assembly Homeland Security and State Preparedness Committee.
With more and more legislation being introduced throughout the nation, we thought it would be helpful to provide an update on those legislative efforts. The chart below lists the legislation that has been proposed, together with some of the key features and limitations contained in each bill.
Please click on the pdf for the full article.