Pandemic Risk Insurance Act of 2021—Rep. Carolyn Maloney (D-N.Y.)
- BOMA International, along with partners in the Business Continuity Coalition, has been working with Rep. Maloney’s office to develop the Pandemic Risk Insurance Act of 2021 (PRIA).
- The PRIA would create a federal backstop that ensures the availability of pandemic risk coverage in all critical commercial lines of insurance.
- The legislation would require insurers to offer coverage in return for a government indemnification of 95 percent of insured losses arising from any future pandemic that results in a public health emergency.
- PRIA addresses the unavailability of coverage in other crucial lines of insurance, such as event cancellation, production insurance and liability coverage for essential services.
Key Legislative Engagement
BOMA International is working with the U.S. Department of Labor (DOL) to create a new commercial real estate industry apprenticeship program. This program will allow BOMA members to access federal grants for development and training programs to address workforce shortages in key industry areas.
The Subcommittee on Workforce Development, along with key industry stakeholders, are working to develop the national standards and education curriculum required by the DOL for registered apprenticeship programs.
Once the DOL approves the standards and authorizes the program, the committee will build out state and local toolkits outlining how to access and participate in these apprenticeship programs.