Charles Symington and the Big I team were already working with our industry colleagues on a letter from Senators addressing the folly of retroactive Business Interruption coverage amongst other issues. The Big I team worked on collecting signatures on the letter this week, and the letter(link below) was sent yesterday. Sometimes it pays to plan ahead.

 

We are also having conversations at this moment with White House staff, and will continue those conversations next week. We know certain industries, like restaurants, are hurting bad, and we have a plan pending in Congress to address the needs of those retail businesses – your clients. But changing contract law and requiring coverage when no premium was collected for that risk would be a man-made disaster for the p/c insurance industry – both carriers and agents.

Bob Rusbuldt

IIABA President and CEO