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U.S. insurers propose taxpayer-funded business-loss coverage for future pandemics - Reuters
(Reuters) - With U.S. insurance companies facing criticism and lawsuits over their response to the coronavirus outbreak, three industry groups on Thursday proposed putting the U.S. Federal Emergency Management Agency in charge of a taxpayer-backed program to protect businesses from revenue losses during future pandemics.
The program would allow businesses to buy “revenue replacement assistance” - up to 80% of payroll and other expenses - based on past years’ tax return data, the groups said.
Insurers announced the plan after facing multiple lawsuits, fierce political pressure and criticism from customers with business interruption policies over not covering their financial hardships due to the novel coronavirus pandemic.
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Doesn't 'taxpayer-backed' mean that all of us will have to pony up to finance this proposed program?
(Reuters) - With U.S. insurance companies facing criticism and lawsuits over their response to the coronavirus outbreak, three industry groups on Thursday proposed putting the U.S. Federal Emergency Management Agency in charge of a taxpayer-backed program to protect businesses from revenue losses during future pandemics.
The program would allow businesses to buy “revenue replacement assistance” - up to 80% of payroll and other expenses - based on past years’ tax return data, the groups said.
Insurers announced the plan after facing multiple lawsuits, fierce political pressure and criticism from customers with business interruption policies over not covering their financial hardships due to the novel coronavirus pandemic.
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Doesn't 'taxpayer-backed' mean that all of us will have to pony up to finance this proposed program?