Major media and sports organizations including the Motion Picture Association and the National Football League along with various nonprofit groups representing businesses hard-hit by COVID-19 have urged Congress to pass the Pandemic Risk Insurance Act of 2020.
In letters sent to House and Senate leaders Wednesday, the groups said the ability of American businesses to secure pandemic risk insurance would be a key factor to the country’s economic recovery.
“Whether it be professional and collegiate sporting events, the next must-see film, a bingeworthy TV series, or a marquee Broadway production, we cannot envision any long-term recovery of these American experiences without some form of business interruption insurance that mitigates the risks associated with producing these popular events and programs in the COVID era now facing the country,” the media and sports organizations said in one letter.
The Pandemic Risk Insurance Act of 2020, introduced by Rep. Carolyn Maloney, D-N.Y., a senior member of the House Financial Services Committee in May, and modeled after the Terrorism Risk Insurance Act is “essential for the nonprofit association community whose lifeblood courses from in-person meetings and events,” a group of nonprofit associations led by the American Society of Association Executives said in another letter.
“PRIA offers the security nonprofit associations need to fully reignite our community’s farreaching economic impact through industry-focused conferences, workforce development, educational programming and other critical services,” the associations said in the letter.
More insurance and risk management news on the coronavirus crisis here.
