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The COVID-19 pandemic led to a substantial drop in U.S. economic activity in 2020. Businesses often purchase business interruption coverage for loss of revenue due to fires and other perils, but insurers have held that in most cases they are not obligated to cover the enormous losses caused by COVID-19. Now, insurers, insurance industry trade groups, policyholder groups, and Congress have developed proposals to expand the availability of insurance for pandemic-induced business closures or restrictions. The programs differ in several key dimensions, including the amount of risk borne by commercial insurers, the approach to paying claims, the extent to which the U.S. government receives a premium for the risk it bears, and the extent of policyholder subsidies. But the programs all seek to define benefits and the benefit distribution mechanism in advance rather than rely on programs hastily crafted after an event occurs. The authors describe the distinguishing features of the most-visible proposals and develop a quantitative model that projects their potential consequences. Proposed programs are evaluated in terms of the proportion of revenue decline replaced (efficacy), efficiency, affordability, the risk borne by the commercial insurers, expected annual government net outlays, and the amount of subsidy provided to policyholders. This analysis provides information useful to assessing the advantages and disadvantages of different approaches for improving the availability and affordability of pandemic risk insurance.
Business income insurance --- Liability insurance --- Disaster insurance --- COVID-19 (Disease) --- COVID-19 Pandemic, 2020 --- -Economic aspects --- Economic aspects --- United States.
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Beginning in spring 2020, the coronavirus disease 2019 (COVID-19) swept through the United States, infecting millions and killing hundreds of thousands of Americans. In some areas, incarcerated populations were hit hard by the disease. Significant numbers of justice system practitioners, including law enforcement officers, court staff and leaders, corrections staff, and service providers were infected, and deaths from COVID-19 became a primary cause of lives lost in the line of duty. At the same time, national protests in response to the killing of George Floyd and other Black Americans focused attention on equity and fairness in the justice system, resulting in significant pressure for reform. The conditions faced by organizations across the justice system differed widely, and responses to address the risk of infection varied from place to place. Many of the responses to the pandemic focused on increases in physical distancing and the use of virtual technologies to continue the operations of the justice system while minimizing infection risk. In an effort to gather lessons learned from the responses of different justice agencies to the pandemic, the Priority Criminal Justice Needs Initiative convened a set of workshops at the end of September 2020 with justice agency representatives and others to take stock of what had been done and look toward the future. A variety of common challenges and innovations were identified in the workshops that assisted in continuing the operation of the system through the pandemic and also might support broader reforms and justice system innovation going forward.
Criminal justice, Administration of --- COVID-19 (Disease) --- COVID-19 Pandemic, 2020 --- -Health aspects --- History --- Social aspects --- Technological innovations --- Government policy
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