Media, entertainment groups press Congress to provide pandemic risk insurance

Media, entertainment groups press Congress to provide pandemic risk insurance

A coalition of media and entertainment groups, including NASCAR, the NFL and the Screen Actors Guild, called on Congress to pass legislation providing pandemic risk insurance to help mitigate major revenue losses from the coronavirus.

In a letter to congressional leadership Wednesday, the groups touted a bill sponsored by House Oversight and Reform Committee Chairwoman Carolyn MaloneyCarolyn MaloneyFormer Washington Football Team cheerleaders, employees to protest outside stadium Oversight panel eyes excessive bail, jail overcrowding in New York City Senators call for Smithsonian Latino, women's museums to be built on National Mall MORE (D-N.Y.) that would create a program to compensate businesses for losses due to pandemics, calling it a “positive step."

“Whether it be professional and collegiate sporting events, the next must-see film, a bingeworthy TV series, or a marquee Broadway production, we cannot envision any long-term recovery of these American experiences without some form of business interruption insurance that mitigates the risks associated with producing these popular events and programs in the COVID era now facing the country,” the groups wrote.

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The National Association of Broadcasters, the Motion Picture Association, the Producers Guild of America and the Internet & Television Association also signed the letter.

Maloney’s bill, introduced in May, would be similar to the Terrorism Risk Insurance Act, which created a mechanism that would cover certain financial losses resulting from an act of terrorism. That measure was signed into law after the 9/11 attacks.

The new legislation would provide compensation for losses resulting from future pandemics or public health emergencies. The measure has 24 co-sponsors, all Democrats. It has not advanced in the House Financial Services Committee.