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Industry Groups Applaud Proposal for Backstop on Pandemic Risk Coverage
The Real Estate Roundtable and, on a more local level, the Real Estate Board of New York (REBNY), gave a thumbs-up to newly introduced legislation that would create a federal backstop to ensure the availability of pandemic risk coverage in all critical commercial lines of insurance.
The Pandemic Risk Insurance Act (PRIA) of 2021, sponsored by Rep. Carolyn Maloney (D-NY), is modeled after the Terrorism Risk Insurance Act (TRIA) adopted following the 9/11 terrorist attacks.
Real Estate Roundtable president and CEO Jeffrey D. DeBoer said, “The Real Estate Roundtable and its 19 national real estate trade association partners have seen firsthand how a broad range of economic risks, including terrorism (TRIA) and floods (NFIP), underscore the need for public support when private markets fail. In those circumstances, a public-private partnership is essential to support the economy. PRIA is positive, forward-thinking legislation that Congress needs to pass.”
Closer to home for New York City-based Maloney, REBNY president James Whelan said, “A newly created pandemic risk insurance program will help put New York City’s economic recovery on stronger footing by ensuring that the impacts of any future pandemic are more effectively managed, protecting jobs and economic activity that are vital to our economy and residents.”
- ◦Policy/Gov't
