PRIA Bill Has Good Provisions, But It’s Not There Yet
On May 22, Rep. Carolyn Maloney (D-NY) introduced the Pandemic Risk Insurance Act (PRIA) (H.R. 7011), legislation intended to provide aid businesses can count on in a future pandemic, with a goal of making business interruption (BI) coverage for pandemics available and affordable. PIA National supports many of the provisions included in this bill.
“PIA has been involved in developing this legislation and thanks Rep. Maloney for leading on such an important issue,” said PIA National Vice President of Government Relations Jon Gentile. “This bill is a step in the right direction, but it’s not where it needs to be yet.”
“We support many of its current provisions, particularly that it’s voluntary for carriers,” Gentile said. “However, we will continue to advocate for improvements to the bill throughout the legislative process. For example, we want to ensure the financial burden on the private sector is reasonable and that the resulting products are affordable for small businessowners. As a result, we are not supporting the legislation at this time, but we look forward to continuing to engage with Congress on improving it in the weeks to come.”