Event Industry Rallies Behind Pandemic Risk Insurance Act
June 2, 2020
A bill introduced on May 26 by Rep. Carolyn Maloney (D-NY), a senior member of the House Financial Services Committee, to create the Pandemic Risk Insurance Program — a system of shared public and private compensation for business interruption losses resulting from future pandemics or public health emergencies — is gaining support from the meetings and events industry.
Among the supporters is ASAE. The COVID-19 pandemic has caused severe financial strain on America’s associations resulting from cancelled meetings, conventions and trade shows not covered in existing insurance policies, and creation of a Pandemic Risk Insurance Program is one of ASAE’s primary asks of Congress to ensure future event cancellations resulting from a pandemic are covered.
Maloney’s bill (H.R. 7011) would require insurance companies to offer business interruption insurance policies that cover pandemics and ensure there is sufficient capacity to cover these losses and bolster the economy in the event of a future pandemic. Similar to the Terrorism Risk Insurance Act (TRIA), enacted shortly after 9/11, the federal government would serve as a backstop to maintain market stability and to share the burden alongside the private insurance industry.
While it would not be retroactive to cover COVID-19 losses, the program would be triggered after $250 million in aggregate industry losses and following any future declaration of a covered public health emergency or pandemic. If passed, it would establish a backstop for business interruption or event cancellation losses resulting from future pandemics or public health emergencies declared on or after Jan. 1, 2021.
After the bill was introduced last week, ASAE began working to build support in Congress and among stakeholders for this important legislation.
“The Pandemic Risk Insurance Act offers a critical solution for associations and others devastated by event cancellations, slashed reserves and sharp membership declines amid COVID-19,” said ASAE President and CEO Susan Robertson.
She continued, “ASAE thanks and applauds Congresswoman Maloney for introducing this important bill, which will no doubt help provide America’s 62,000 associations the security they need to fully reignite our community’s far-reaching economic impact through industry-focused conferences, workforce development and educational programming.”
Congresswoman Maloney explained the reasoning behind the bill. “Millions of small businesses, nonprofits, mom-and-pop shops, retailers and other businesses are being left out in the cold and will never be able to financially recover from the coronavirus crisis because their businesses’ interruption insurance excludes pandemics,” she explained. “We cannot allow this to happen again. These employers and their employees need to know that they will be protected from future pandemics, which is why I am introducing the Pandemic Risk Insurance Act.”
Partner Voices
Overview:
The award-winning Orange County Convention Center (OCCC) goes the extra mile to make every day extraordinary by offering customer service excellence and industry-leading partnerships. From their dedicated in-house Rigging team to their robust Exhibitor Services, The Center of Hospitality brings your imagination to life by helping you host unforgettable meetings and events. With more than 2 million square feet of exhibit space, world-class services and a dream destination, we are committed to making even the most ambitious conventions a reality.
In October 2023, the Orange County Board of County Commissioners voted to approve allocating Tourist Development Tax funding for the $560 million Phase 5A completion of the OCCC. The Convention Way Grand Concourse project will include enhancements to the North-South Building, featuring an additional 60,000 square feet of meeting space, an 80,000- square-foot ballroom and new entry to the North-South Building along Convention Way.
“We are thrilled to begin work on completing our North-South Building which will allow us to meet the growing needs of our clients,” said OCCC Executive Director Mark Tester. “As an economic driver for the community, this project will provide the Center with connectivity and meeting space to host more events and continue to infuse the local economy with new money and expanding business opportunities.”
Amenities:
The Center of Hospitality goes above and beyond by offering world-class customer service and industry-leading partnerships. From the largest convention center Wi-Fi network to custom LAN/WAN design, the Center takes pride in enhancing exhibitor and customer experience.
The OCCC is the exclusive provider of electricity (24-hour power at no additional cost), aerial rigging and lighting, water, natural gas and propane, compressed air, and cable TV services. Convenience
The Center is at the epicenter of the destination, with an abundance of hotels, restaurants, and attractions within walking distance. Pedestrian bridges connect both buildings to more than 5,200 rooms and is within a 15-minute drive from the Orlando International Airport. The convenience of the location goes hand-in-hand with top notch service to help meet an event’s every need.
Gold Key Members
The OCCC’s Gold Key Members represent the best of the best when it comes to exceptional service and exclusive benefits for clients, exhibitors and guests. The Center’s Gold Key memberships with Universal Orlando Resort, SeaWorld Orlando and Walt Disney World greatly enhance meeting planner and attendee experiences offering world-renowned venues, immersive experiences and creative resources for their events.
OCCC Events:
This fiscal year, the OCCC is projected to host 168 events, 1.7 million attendees, and $2.9 billion in economic impact.
The Center’s top five events during their 2022-2023 fiscal year included:
AAU Jr. National Volleyball Championships 2023
200,000 Attendees
$257 Million in Economic Impact
MEGACON 2023
160,000 Attendees
$205 Million in Economic Impact
Open Championship Series 2023
69,500 Attendees
$89 Million in Economic Impact
Sunshine Classic 2023
42,000 Attendees
$54 Million in Economic Impact
Premiere Orlando 2023
42,000 Attendees
$108 Million in Economic Impact
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