With U.S. insurance companies facing criticism over their response to the coronavirus outbreak, three industry groups on Thursday proposed putting the Federal Emergency Management Agency (FEMA) in charge of a taxpayer-backed program to protect businesses from revenue losses during future pandemics.
A close sign is seen in the parking lot of a closed business as Ohio implements phase one of reopening dentists, veterinarians and elective surgeries, following the outbreak of the coronavirus disease , in Columbus, Ohio, U.S., May 01, 2020. REUTERS/Megan Jelinger
Insurers announced the plan after facing lawsuits, political pressure and criticism from customers with business interruption policies over not covering their financial hardships due to the coronavirus pandemic. Some want a program similar to the government-supported commercial terrorism products that followed the attacks of Sept. 11, 2001, and require insurers to pay part of the claims, before U.S. taxpayers take over.
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