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The carrier’s plan would provide up to $750bn in pandemic cover for small businesses and $400bn for large enterprises. -
Councilmember Mary Cheh has proposed legislation to extend the period during which policyholders can notify insurers of losses or appeal claims decisions.
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If passed, the amended legislation would compel insurers to pay out for virtually any policyholder affected by a civil authority shutdown order
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The industry groups say the economic recovery from coronavirus will rely on the ability of businesses to secure pandemic risk insurance.
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If passed, the proposed law would introduce a presumption of coverage for coronavirus losses.
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More than 20 trade associations write to Treasury Secretary Steve Mnuchin.
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The legislation still needs approval from the House and Senate.
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The utility expects to emerge from Chapter 11 in July after a bankruptcy court approves its settlement.
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The value of accounting adjustments made by Ronald Pipoly are said to have exceeded $300mn by the end of 2015.
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Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.
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The industry must address the legacy of “redlining”, the executive says.
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Similar government schemes have been launched in the UK, Germany and France.
