Early in the COVID-19 pandemic, thousands of companies were virtually forced to close the store as government shutdowns put the most economic activity on hold in an attempt to limit the spread of the virus.
Many looked after their property. insurance for business interruption coverage to recover lost income associated with the closures, but insurers often denied the allegations, saying direct physical damage was required to trigger coverage. insurers to retroactively cover business interruptions due to COVID-19.
In March, New York lawmakers joined Ohio, Massachusetts, and New Jersey to introduce such a bill.
The story, which describes the introduction of A. 10226 by New York Assembly members Robert Carroll and Patricia Fahy, was the second most read risk management story on the Business Insurance website 2020. [1
At the same time, some legislators began pushing for legislation that would force insurers to cover virus losses. premier.
Several months later, various state legislative measures were repealed or scrapped, as the debate on how to finance and mitigate pandemic risks expanded on Capitol Hill.
No. 3 most read history.