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The Risk & Insurance Management Society Inc. on Monday urged Congress to create a federal backstop for pandemic insurance, as 65% of U.S. risk managers said they would be prepared to pay just 5% more for pandemic risk insurance coverage.
Some 91% of risk managers polled by RIMS support a TRIA-type federal loss-sharing program for insurance claims relating to pandemic losses, the New York-based organization said in a statement.
A public-private partnership that addresses pandemic risk is “critical” to providing greater access to capital from lenders and to establish a viable insurance market with “sufficient, affordable capacity,” RIMS said in a letter to the U.S. Department of the Treasury, Congress and President Trump.
Some 77% of U.S. risk managers expect direct business interruption losses from COVID-19 of over $1 million, the RIMS survey found.
More than one-third of those estimate losses to be more than $25 million, RIMS said.
“COVID-19 has highlighted the need for strong risk management strategies to address interruptions resulting from a global pandemic,” RIMS President Laura Langone said in a statement.
“Congress has done exceptional work by quickly introducing the CARES Act, but there is still much work to be done. We look forward to the opportunity of collaborating with them to develop a sound pandemic program that instills confidence in businesses and reinvigorates the economy.”
RIMS is calling on the risk management community to support this initiative by contacting their local Congress member via this brief form.
More insurance and risk management news on the coronavirus crisis here.
A Sugar Land, Texas-based dine-in movie theater chain is suing Lloyd’s of London underwriters for coronavirus-related losses under the pandemic event endorsement in its business interruption coverage.