PIA has announced it strenuously opposes legislation introduced separately by
Reps. Mike Thompson (D-CA) and Brian Fitzpatrick (R-PA) that would empower the
federal government to rewrite existing business interruption (BI) insurance
provisions drafted with otherwise applicable exclusions.
"PIA is deeply engaged in wide-ranging efforts to assist the business community
during this national crisis. Unfortunately, these two bills would apply business
interruption coverage where it doesn't exist, exacerbating existing disruptions
and further delaying our nation's economic recovery," said PIA National Executive
Vice President & CEO Mike Becker.
BI provisions typically do not cover losses resulting from risks like the
coronavirus. Retroactively rewriting contracts undermines existing contractual
relationships and risks injecting new uncertainties into our current economic
crisis. Such proposals purport to quickly provide assistance to businesses in
need, but in reality, such a response would not help all businesses; only one
in three small businesses even has business interruption coverage
. As such,
only a small percentage of businesses would benefit in any way from it, and
thousands of small businessowners would be left struggling.
Officials Fear Double Disaster:
Florida's U.S. senators have called on the federal government to issue guidelines
on how states should handle evacuations and storm shelters in the event of a
hurricane, in the midst of the coronavirus crisis.
With less than two months to go until the tropics reach the conditions that forecasters
expect will generate an
above-average storm season
, government officials and local
politicians are rushing to prepare for what Broward County Mayor Dale Holness described
as a "double disaster" of a hurricane strike amid a COVID-19 outbreak.