Bill Puts Insurers on Hook for Business Losses
March 31, 2020—A bill being drafted in the state of New Jersey could put certain property insurers on the hook for business interruption losses due to the COVID-19 outbreak, reported Insurance Business.
The bill applies to policyholders with less than 100 full-time employees. It would virtually nullify virus exclusion causes, according to the report.
The bill will allow insurers to apply to the Commissioner of Banking and Insurance for reimbursement for indemnity paid to policyholders through the bill.