Legislation Would Ensure Federal Insurance Against Pandemics

Rep. Carolyn Maloney (D-N.Y.) and 20 other Democratic members of congress recently introduced H.R. 7011, the Pandemic Risk Insurance Act of 2020 (PRIA). This bill is modeled on similar legislation passed after the 9/11 terror attacks, the Terrorism Risk Insurance Act also known as TRIA, which was originally introduced to boost the travel, retail, and entertainment areas of the real estate industry that could not get insurance coverage for investments and projects, during the aftermath of the post 9/11 economic downturn.

The aim of H.R. 7011 is to create the Pandemic Risk Reinsurance Program, a system of shared public and private compensation for business interruption losses resulting from future pandemics or public health emergencies. Like TRIA, the federal government would serve as a backstop to maintain marketplace stability and to share the burden alongside private industry. A section-by-section summary of the legislation can be found here.

(Contact: John Jones at jjones@nareit.com)

Get Nareit Developments blog posts delivered straight to your inbox.

Subscribe

The Nareit Developments section on reit.com provides updates of Nareit's activities and key events impacting the REIT and commercial real estate industry. Nareit is the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. Please see our Terms of Use.