PIANY opposes business interruption bill.

• Position: [IN THE ASSOCIATIONS]

Sen. AndrewS. Gounardes, D-22, introduced S.8853-a companion bill to A.10837, introduced at the request of Assemblyman Robert Carroll, D-44, a few weeks ago. The bill would require business interruption insurance to cover disease outbreaks, and would apply to all business interruption claims filed by insureds, and all policies or contracts that were issued, modified, altered or amended on or after the effective date. The bill is problematic because it would prevent insurance carriers from using the virus or pandemic exclusions to deny coverage for business interruption, which would alter existing insurance contracts. This sets a dangerous precedent that the government could alter contracts if it does not agree with the terms. PIANY is talking with state legislators about the negative effects bills like this one could have on the...