H.R.6497 - Never Again Small Business Protection Act of 2020116th Congress (2019-2020)
|Sponsor:||Rep. Fitzpatrick, Brian K. [R-PA-1] (Introduced 04/14/2020)|
|Committees:||House - Financial Services|
|Latest Action:||House - 04/14/2020 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.6497 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (04/14/2020)
Never Again Small Business Protection Act of 2020
This bill requires that insurers offering business interruption coverage must offer additional coverage for losses that result from business interruption due to a government order to close during a national emergency.
This coverage does not apply to losses incurred by an otherwise qualified business if that business involuntarily terminated the health care or the employment of an employee during the national emergency period.
An insurer may exclude this additional coverage from a contract for business interruption coverage if the insured agrees in writing, or if the insured fails to pay the corresponding premium increase.
This bill is effective only upon certification by the Department of the Treasury that a federal backstop exists to serve as a mechanism to reinsure insurers against excessive losses as a result of these requirements.