Posted on 04/05/2020 7:11:38 PM PDT by E. Pluribus Unum
Pressure has been building on the insurance industry to reimburse companies big and small for their losses after a proposal began circulating in Congress that would treat the COVID-19 pandemic like an act of terrorism for insurance purposes.
The Pandemic Risk Insurance Act would require insurers to cover business losses resulting from pandemics. The federal government would serve as a backstop for insurance companies. Some are arguing that the coverage should be offered to companies retroactively as a solution to the massive losses hitting nearly all sectors of the economy during the outbreak.
“If they don’t do this, we’re in very, very big trouble,” said Zachary Finn, director of the risk management program at Butler University. “Business interruption spreads through the economy like a contagion. What’s happening is Congress can’t bail us out fast enough.”
Mr. Finn drafted a proposal for Congress based on a project created by four of his former students to address business losses from a theoretical cyberattack. The measure is modeled on the Terrorism Risk Insurance Act of 2002.
The proposal has the backing of House Financial Services Committee Chairwoman Maxine Waters, California Democrat.
(Excerpt) Read more at washingtontimes.com ...
Maxine is a perfect example for why the power of government has to be limited.
Makes no sense. Pandemics are an act of god or nature. An act of terror involves a nation or group committing a attack. This would be an act of war. Does the congresswoman have evidence that China did this on purpose.
bttt!
“Offering coverage retroactively.” LOL. These people are morons.
everyone that bought a Coronavirus pandemic policy should be covered.
Aren’t the economic losses going to be in the trillions of dollars across the country, across the economy?
Do insurance companies even have the assets on hand to pay out such levels of claims? And even if they did, wouldn’t they have to sell off stocks/bonds and other investments which insurance companies invest in, which would then depress the financial markets even further, even if this could theoretically happen????
The ‘Rats in The House are largely Terrorists.
The concrete industry should cover Mad Maxine.
If Maxine Waters supports it, it's probably not good.
bttt
Auntie Maxine remains a MARXIST LOON.
Somebody lock this ho up. If she wants somebody to pay for it, her Feral “judges” who blocked everything President Trump tried to do to stop it from coming here are the people who need to pay for it. Those bastards playing the race card got us into this mess.
All that matters is that the system is overwhelmed.
Insane. Economic illiterates should not be in positions of power.
Maxine needs to visit China and get Covid-19.
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