Colorado Emergency Rule Expands Auto Coverage
In Colorado, the Department of Insurance has issued emergency regulations expanding commercial auto coverage to include restaurant workers who may be delivering food orders and removing restrictions on private auto policies to allow drivers to use their personal policy coverage to make deliveries for restaurants. According to the emergency rule, the purpose is: “To ensure restaurant employees are able to continue to work by using their own insured personal automobiles for commercial food delivery during the current response to COVID-19.” A copy of emergency rule is attached. A story on the rule can be found here.
Politicians Target Insurance Contracts
Government shutdowns are wreaking widespread economic havoc, and now lawmakers are desperate for cash to shore up businesses that may have no choice other than to close. Read more here. (subscription required)
Coronavirus bill unanimously clears Senate
The Senate has voted 96-0 to pass a $2.2 trillion stimulus package to aid industries, small businesses and workers affected by the coronavirus pandemic. The House is scheduled to act on the bill Friday. Read more here.
Senate, White House agree on $2T stimulus bill
The Trump administration and the Senate have agreed on a $2 trillion stimulus package aimed at preventing a steep recession because of the coronavirus pandemic. The package includes a $1,200 payment to Americans earning as much as $75,000 annually among other measures. Read more here.
U.S. Secretary of the Treasury, Steven Mnuchin issued a memorandum identifying the financial services sector as Critical Infrastructure Sector by the Department of Homeland Security. Insurance services are listed as a part of the Essential Critical Infrastructure Workforce for the financial sector. Consistent with President Donald Trump’s message that if you work in a critical infrastructure sector you have a responsibility to maintain your normal schedule, the memorandum provides guidance for State and Local officials as they work to protect their communities while ensuring continuity of critical functions. This recognition and guidance from Secretary Mnunchin comes at a crucial time when states and local governments, including some in Texas, are issuing shelter in place orders for anything other than essential services. Read the entire memorandum here.
Several Members of Congress wrote a letter to the CEOs of APCIA, NAMIC, IIA, and CIAB urging, “member companies to and brokers, to make financial losses related to COVID-19 and other infectious disease-related losses part of their commercial business interruption coverage for policyholders.” Read the complete letter here.
Waters Announces Committee Plan for Comprehensive Fiscal Stimulus and Public Policy Response to Coronavirus Pandemic
Representative Maxine Waters, Chairperson of the U.S. House Committee on Financial Services announced a Comprehensive Fiscal Stimulus and Public Policy Response to the Coronavirus Pandemic. Part of the package includes the Pandemic Risk Insurance Act (PRIA) proposal mentioned near the very end of the legislative package as part of the “Rebuilding the Economy Post-COVID-19” section. Read the complete document here.