Following New Jersey, where similar legislation remains under informal discussion, lawmakers in Ohio, Massachusetts, and New York have now introduced legislation that would provide relief to small businesses for COVID-19 business interruption losses. The legislation is conceptually identical to the legislation introduced in New Jersey, discussed here last week. Although the New Jersey bill was subsequently pulled for further consideration with insurance industry representatives, it does appear to have been the roadmap for the Ohio, Massachusetts, and New York measures. Indeed, the new bills would force insurers to cover business interruption losses arising from the COVID-19 crisis despite language in the policies that insurers would rely on to argue otherwise. As in the New Jersey bill, insurers would be able to seek reimbursement for payments made under the law. The measures still must obtain further approval before going into effect. Stay tuned.
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Publisher: Hunton Insurance Recovery
Publisher: Hunton Insurance Recovery
