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Newly Revised Epidemic Insurance Act Gains

Amazing Industrial SupportThe event and hospitality industries are following a new bill that will help restore the spread of communicable diseases within event cancellation insurance and keep jobs and businesses safe during the upcoming epidemic and public health emergencies.

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Re-introduced to Congress on November 2 by US Attorney Carolyn B. Maloney (D-NY), the Epidemic Insurance Act 2021 (PRIA), a version he first proposed in May 2020 in response to the COVID-19 epidemic. , is music in the ears of those in the industry who are still frustrated by the billions of financial losses associated with the epidemic.

If passed, the bill will require insurance companies to provide business disruption and event cancellation policies that include an epidemic and create an Epidemic Risk Reduction Program to ensure there is sufficient capacity to cover losses and protect the economy in the event of a recurrence. of COVID-19 or upcoming epidemics. Under the bill, the federal government will act as a basis for maintaining market stability and sharing responsibility with the private sector.In a letter of support to Maloney,

David Audrain and David DuBois, co-founders of the Exhibitions and Conferences Alliance (ECA), a coalition dedicated to the restoration and development of business events face-to-face, highlighted the devastating impact of the epidemic and its impact on the industry and the economy.”Prior to the epidemic, our industry was contributing $ 396 billion a year to US domestic production and supported 6.6 million jobs, including $ 22.1 billion in economic impact,” they said. “Unfortunately, our industry continues to be devastated by the ongoing COVID-19 epidemic.”Audrain and DuBois point to a recent study, which found that as of June 30, 2021, the business and business events sector had dropped 78.5% from pre-epidemic levels, adding that one key factor was delaying face-to-face returns. Face business events are the public’s inability to secure future epidemics of pandemic diseases as part of event cancellation insurance.”With the cost of business events starting to accumulate for a year or more long, many organizers are financially incapable of putting themselves in the wrong place at the wrong time,” he said. “These disruptions in the insurance market severely reduce our industry’s ability to reschedule events and activities, hampering both the sustainability of our industry and our ability to support small businesses that rely on our events to take care of, grow and grow their businesses.”

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