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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).