The newly formed Business Continuity Coalition (BCC) was announced October 28, 2020, officially launching the cross-industry coalition designed to help keep jobs and businesses protected from future economic shutdowns. The BCC has brought more than two dozen industries and companies together to develop a plan with policymakers and other stakeholders to protect American jobs and to limit future economic damage from pandemics and other national emergencies that cause business interruptions.

BCC members represent more than 50 million workers in the restaurant, entertainment, hospitality, gaming, retail, communications, broadcasting and real estate industries. The BCC is advocating for a public/private business continuity insurance program that, in the event of a government-ordered shutdown, will enable employers to keep payrolls and supply chains intact, helping to limit job losses and furloughs, reducing stress on the financial system, and speeding economic recovery when government-imposed limitations on operations are lifted.

In related news, the Subcommittee on Housing, Community Development and Insurance announced October 27 that it will convene in mid-November for a virtual hearing - “Insuring against a Pandemic: Challenges and Solutions for Policyholders and Insurers” - giving this topic more steam in the weeks and months ahead.

Download the press release below.

New Coalition Advocates for Business Con
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Updated: Nov 19, 2020

In early September 2020, Representative Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, was joined by stakeholders from the business community, including BCC members from the Independent Film & Television Alliance, Nareit, National Multifamily Housing Council, and the National Retail Federation, along with representatives from the insurance industry to emphasize the need for Congress to act quickly, and on a bi-partisan basis, to create a framework for insurance companies to offer business interruption insurance policies that cover future pandemics and government-mandated shutdowns.

The Federal backstop would make certain that these business interruption policies are both widely available and affordable for small businesses, and maintain marketplace stability.

Comments during the roundtable focused on Rep. Maloney’s legislative proposal, H.R. 7011, the Pandemic Risk Insurance Act of 2020 (PRIA), which she introduced in May 2020.

The following BCC members provided their perspectives during the conversation:

· Jean Prewitt, President and CEO, Independent Film & Television Alliance (IFTA)

· Steven A. Wechsler, President and CEO, Nareit

· Kevin Donnelly, Vice President for Government Affairs, National Multifamily Housing Council (NMHC)

· Leon Buck, Vice President for Government Relations, Banking and Financial Services, National Retail Federation

Video of the Sept. 10 roundtable discussion is available below:

Rep. Steve Stivers (R-OH), the Ranking Member on the House Financial Services’ Subcommittee on Housing, Community Development and Insurance, was interviewed by The Real Estate Roundtable’s President and CEO Jeff DeBoer on Sept 22 on the prospects for developing and enacting a federal pandemic risk-business continuity insurance program. Rep. Stivers played a key role in last year’s reauthorization of the Terrorism Risk Insurance Act (TRIA), and has expressed a strong interest in establishing a federal business continuity insurance program before there is a recurrence of pandemic or government-ordered shutdown in response to a different natural catastrophe. Rep. Stivers said he believes the upcoming Lame Duck session may consider a pandemic relief bill that, in his opinion, would require bi-partisan support in order to be successful. Mr. DeBoer mentioned to Rep. Stivers that the Roundtable is working with industry partners such as Nareit and other stakeholders through the newly formed Business Continuity Coalition (BCC) to develop with policymakers an effective federal insurance program that provides the economy with the coverage it needs to provide business continuity coverage in the face of pandemic risk.


Business Continuity Coalition
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