The second iteration of Rep. Carolyn Maloney's (D-NY) bill to help U.S. businesses may breathe new life into Hollywood, helping the independent film industry survive the financial hit of Covid and future pandemics.
Costs and risks for independent production soared after private insurers, hit by Covid claims and heavy losses, excluded communicable diseases from policies and won't reinstate them. The second go-round of the Pandemic Risk Insurance Act (PRIA) requires insurers to participate in the program.
The program calls for the government to pay 95% of insurers' pandemic-related claims. Coverage would kick in if the Secretary of Health and Human Services declares a significant outbreak of infectious disease as a covered public health emergency.
