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More than two dozen policyholder groups representing hospitality, real estate, retail, film, television and other industries have formed a coalition in the latest push to establish a public-private backstop for future pandemic risks.
In a statement Wednesday, the Washington-based Business Continuity Coalition said it is advocating for a program that in the event of a government-ordered shutdown will enable employers to keep payrolls and supply chains intact.
“A public-private backstop for business interruption insurance will help remove one of the unknowns in rebuilding and help small and large business owners plan for the future,” Sean Kennedy, executive vice president of public affairs at the National Restaurant Association, said in the statement.
The move was welcomed by John Doyle, president and CEO of Marsh LLC.
“We have been in conversations with the Coalition and many of its members throughout its formation. We believe a policyholder-led group will be a powerful force in driving consensus on a public-private solution for future pandemic risk,” Mr. Doyle said in a statement.
The steering committee members of the BCC are: the American Resort Development Association, Building Owners and Managers Association, Fox Corp., Independent Film & Television Alliance, International Council of Shopping Centers, Motion Picture Association, NAIOP-Commercial Real Estate Development Association, National Association of Real Estate Investment Trusts, National Association of Realtors, National Restaurant Association, Sony Pictures Entertainment, The Real Estate Roundtable and ViacomCBS.
The Coalition follows similar efforts by businesses, risk managers and others to establish a backstop to manage pandemic risk insurance.
More insurance and risk management news on the coronavirus crisis here.