H.R.6494 - Business Interruption Insurance Coverage Act of 2020116th Congress (2019-2020) |
|Sponsor:||Rep. Thompson, Mike [D-CA-5] (Introduced 04/14/2020)|
|Committees:||House - Financial Services|
|Latest Action:||House - 04/14/2020 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.6494 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (04/14/2020)
Business Interruption Insurance Coverage Act of 2020
This bill requires insurers that provide business interruption coverage to insure as part of this coverage losses from a viral pandemic, a government-ordered business closure or evacuation, or a power disruption conducted for public safety purposes.
The bill also nullifies provisions in a business interruption insurance contract in force on the date of enactment that exclude such an event from coverage. An insurer may reinstate such an exclusion if (1) the insured authorizes the reinstatement in writing, or (2) the insured fails to pay the corresponding premium increase after adequate notice by the insurer of such an increase.