This week, Representative Carolyn Maloney (D-NY) introduced NMHC supported legislation entitled the Pandemic Risk Insurance Act (PRIA) which moves to provide a government backstop, modeled after the Terrorism Risk Insurance program (TRIA), to drive increased private sector insurance coverage for future pandemic risk.
In advance of the bill’s introduction NMHC sent a letter to Congresswoman Maloney thanking her for putting forward a much-needed solution to better balance the risk-share between private and public sectors for economic loss as a result of a pandemic.
The need for economic stability across real estate in the wake of a pandemic is clear and PRIA would serve as a needed tool in better mitigating future risk. The public-private approach as put forward in PRIA is key to ensuring pandemic insurance coverage is widely available and affordable to apartment operators – and all businesses – and will go to great lengths in providing needed economic certainty and stability in the wake of any future pandemic. This type of protection will ensure businesses have the financial support to meet their obligations so that renters and housing providers can pay their own bills—including rent, mortgages, taxes, salaries and more.
While a path forward remains unclear, strong support from the business community has emerged. NMHC and many other stakeholders are members of the Business Continuity Coalition, which is a key driver of support for PRIA’s passage and is working closely with Congressional leadership to secure passage.
For more information on NMHC’s advocacy work insurance and risk management space, please click here.
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